Jul 01 2012
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Investcorp portfolio company Skrill agrees to buy Austria's paysafecard for up to €140m
Investcorp 's fifth investment in Europe this year
Bahrain, July 1, 2012 - Investcorp , a global provider and manager of alternative investment products, today announced that its portfolio online payment company, Skrill (formerly Moneybookers), has agreed to acquire 100% of paysafecard.com Wertkarten AG, an Austrian provider of prepaid vouchers that enable consumers to shop online. The total consideration for the acquisition is up to €140 million.
paysafecard provides a prepaid electronic payment method. People who want to pay online, but do not have access to a credit card or bank account or do not wish to provide card details on the internet for security reasons, can visit one of the 450,000 retail outlets linked to paysafecard and convert their cash into electronic money in the form of eVouchers that they can use for online purchases. Skrill is already a leader in the global online payments business, and with this acquisition it is combining its digital wallet and online payments services with paysafecard's extensive offline distribution network in 31 countries across Europe, North and South America.
Paysafecard is the fifth investment undertaken by Investcorp and its portfolio companies in Europe over the past six months. Earlier, Investcorp acquired GL Education Group, the leading UK provider of non-regulated pupil and school assessment solutions for primary and secondary schools, and made another acquisition in Spain. Investcorp 's French portfolio company, IPH Group, also made two add-on acquisitions in Germany.
"The paysafecard acquisition will further Skrill's position as a complete alternative payments platform. Both businesses have grown around 50% over the last few years and we are confident that the combined company will continue to expand rapidly in tandem with the online shopping trend. Reports indicate that more than 40% of consumers in the US and Europe are shopping on the internet, and millions of them who are unbanked will now rely on Skrill's expanded payment services that offer merchants and end-users much greater flexibility in making and receiving payments," Sammakia added.
The acquisition of paysafecard.com Wertkarten AG and the indirect acquisition of regulated subsidiary paysafecard.com Wertkarten Vertriebs GmbH and Prepaid Services Company Limited is subject to the approval of both the Austrian Finanzmarktaufsichtsbehörde (FMA) and the UK Financial Services Authority (FSA). The acquisition is also subject to merger control approvals.
Investcorp is a leading provider and manager of alternative investment products. Investcorp has offices in Kingdom of Bahrain, New York and London and is publicly traded on the Bahrain Bourse (INVCORP). Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds. As at December 31, 2011, Investcorp had $11.6 billion in assets under management. Further information is available at www.investcorp.com.
© Press Release 2012
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