CVC Capital Finalizes 600 Million-Euro Skrill Buy (Feb. 13, 2014)
A controlling stake in European online payment company Skrill Group has been acquired by CVC Capital Partners, one of Europe’s largest investment consortiums. First announced in August, the EUR600 million (US$820 million) sale is for 75 percent of the company, sold to CVC by Baharain-based Investcorp, which will remain a shareholder in Skrill.
With the deal now closed, CVC gains a controlling interest in one of the world’s largest providers of digital wallet technology, with 36 million account holders and revenues of more than EUR220 million (US$300 million) in 2013. Skrill’s online payment gateway is used by 150,000 merchants. And as of June 2012, Skrill owns paysafecard, a Paybefore Award-winning provider of prepaid vouchers for online shopping. In November, Skrill USA earned approval from the New Jersey Division of Gaming Enforcement to offer its digital wallet to gaming operators in the state, which legalized online gambling last year.
“Skrill has continued to impress CVC with its growth and strategy to respond to the opportunities from the increase in digital transactions,” said Peter Rutland, senior managing director, CVC Capital Partners. “The company has demonstrated its ability to meet and influence the emerging needs of customers and merchants, [and] adapt to trends such as mobile payments, which are shaping the future of transactions.”