Optimal Payments to purchase Skrill for £801m, annual earnings jump 65%
Online and mobile payment processing system provider Optimal Payments has announced it will buy Sentinel Topco Ltd and its units, known as Skrill Group, for £801m.
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The London-listed company said the deal, which is expected to be finalised by the third quarter of 2015, will help expand its online payment and digital wallet services, adding it would launch a fully underwritten rights issue to raise £451m to partly fund the deal.
One of largest pre-paid online voucher providers in Europe, Skrill is owned by CVC Capital's Sentinel Group Holdings SA, Investcorp Technology Partners and other shareholders.
On Monday, Optimal said that its annual earnings before interest, tax, depreciation and amortisation rose 65% to $86.1m (£57.7m), as revenue jumped 44% to $365m.
Adjusted diluted earnings per share increased 50% to $0.38, while statutory EPS increased 64% to $0.36.