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CVC Capital Partners closes Skrill acquisition

13 February 2014  |  3386 views  |  0 Source: Skrill Group

Skrill Group, one of Europe's leading online payments companies, today announced the completion of the acquisition of a controlling stake in its business by CVC Capital Partners from a consortium of investors led by Investcorp, which remains as a shareholder.

Founded in 2001 and with operations across Europe and in the US, Skrill is among the world's largest providers of digital wallet technology, with 36 million account holders and revenues of over €220 million in 2013. Using Skrill, customers can make mobile and online payments conveniently and securely, without revealing personal financial data. It also provides a safe way to send and receive money instantly, online.

Skrill's worldwide payment network offers businesses access to direct payment processing via 100 payment options in 200 countries and in over 40 currencies, through just one integration. Also part of Skrill Group is paysafecard, a prepaid payment card that can be bought from one of 450,000 sales outlets across Europe and used to make safe online payments, without a bank account or credit card, at 4,000 participating online outlets.

Commenting on the completion of the acquisition, Peter Rutland, senior managing director of CVC Capital Partners says, "Skrill has continued to impress CVC with its growth and strategy to respond to the opportunities from the increase in digital transactions. The company has demonstrated its ability to meet and influence the emerging needs of customers and merchants, and has shown both insight and innovation in order to adapt to trends such as mobile payments, which are shaping the future of transactions."

Siegfried Heimgaertner, chief executive officer of Skrill Group, adds, "We are delighted to have reached this milestone in Skrill's history. The support of CVC demonstrates confidence in Skrill's strategy and will enable us to remain at the forefront of transforming the way people pay and get paid globally. Skrill will continue to develop products that break down international boundaries between businesses and their customers by enabling transactions in an ever-extending digital world."

CVC was advised by Jefferies International, Clifford Chance, Bain and Company and PwC. Investcorp andorp and Skrill were advised by Barclays, SJ Berwin, Travers Smith, Freshfields Bruckhaus Deringer, PwC and Anthemis Group.

Crédit Suisse, Jefferies International and Royal Bank of Scotland have provided fully committed senior debt financing for the transaction.

Skrill Group is regulated by the Financial Conduct Authority (FCA) of the UK and holds money transmitter licenses in 49 US States. 

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