Private equity firm CVC Capital Partners has struck a deal to buy a majority stake in Britsh online payments provider Skrill Group from Investcorp for around EUR600 million.
Bahrain-based investment firm Investcorp will keep a "substantial" minority in Skrill and retain a seat on its board when the deal closes, subject to regulatory approvals.
Founded in 2001, Skrill employs 700 people and is one of Europe's largest online payment systems and among the world's biggest independent digital wallet providers, with over 36 million account holders.
Investcorp paid EUR25 million for a controlling stake in the company in 2007. At the time, Skrill's revenues were a modest EUR7.8 million but by 2012 they had risen to more than EUR200 million.
Mohammed Al-Shroogi, president, Gulf Business, Investcorp, says: "Skrill has been a high-quality investment for Investcorp. We are proud to have supported the management from the beginning of our partnership and happy to have helped them build a strong presence within the online payment and digital wallet platforms worldwide."