Tuesday August 21,2013 : CVC ACQUIRES MAJORITY STAKE IN SKRILL GROUP
Private equity firm turns its attention to online payment provider
Private equity firm CVC Capital Partners, a past suitor of online gambling group Betfair, will acquire British online payment company, the Skrill Group, for a Euro 600 million consideration.
“Skrill is a high-quality business that has demonstrated its ability to grow rapidly into a market leading provider of online payments serving the online gaming, gambling, digital media and e-commerce industries,” said Peter Rutland, senior managing partner at CVC Capital Partners. “We are pleased to have the opportunity to invest in Skrill and support its management team as they continue to grow their range of online payment options across the globe.”
Current owner Investcorp will retain a minority share in the group which is reported to have generated revenues of Euro 200 million last year and which services around 35 million account holders.
Investcorp acquired the group in 2007 for Euro 100 million.
The Skrill deal is financed by Credit Suisse, Jefferies International and Royal Bank of Scotland, according to a CVC Capital statement.