Optimal's 1.1bn Skrill acquisition edges closer
Deal given the green light by the Financial Conduct Authority with the transaction set to complete on 10 August
Optimal Payments’ 1.1bn acquisition of Skrill has moved one step closer to completion after the UK Financial Conduct Authority (FCA) yesterday gave the deal the green light.
NETELLER owner Optimal said the transaction was now on track to complete by 10 August 2015, with the deal set to transform the global payments sector.
The reverse takeover, first announced back in March, will see Optimal acquire the holding companies behind Skrill from its current owners CVC Capital partners for 720m in cash and the remainder in shares.
The acquisition represents further consolidation for the payments sector, with Skrill having acquired prepaid voucher provider Ukash in November last year and prior to that buying paysafecard in 2013 for 140m.
Skrill has since announced plans to discontinue its Ukash brand and integrate the prepaid voucher provider into its paysafecard subsidiary, as revealed by eGR in June.
The deal is the second major acquisition drive by Optimal Payments in less than a year, after the company acquired two US-facing payment processors – Meritus Payment Solutions and Global Merchant Advisors – for a combined $225m in July 2014.
Since announcing the Skrill takeover, Optimal has also acquired mobile platform developer FANS for Entertainment for $13m.