Skrill completes acquisition of Ukash

Online payment provider Skrill Group today announces that it has completed its acquisition of  competitor Ukash.  The acquisition deal was first announced in November 2014 and will aim to extend the scale and reach of Skrill Group’s paysafecard, further enhancing its position in the European online payments market.

The completion of it acquisition of Ukash operations comes after last month’s announcement that Skrill were subject to a potential €1.1 billion buyout by main payments  competitor Optimal Payments.

Skrill further announced that David Hunter, who has held the position of chief executive officer at Ukash for five years, is to step down from the company following the completion of the sale.  He will take up a number of non-executive positions with a portfolio of businesses.

David Sear, Chief Executive Officer of Skrill Group, commented,

“Ukash is a shining example of British business.  This is an exciting acquisition that will considerably extend our reach in the high-growth prepayment market, enabling us to support consumers and online businesses alike with the world’s largest online cash replacement payment method.  I’d like to thank David Hunter, who has been instrumental in the growth of Ukash, which will be integrated with paysafecard.  As we move towards our combination with Optimal Payments, paysafecard will continue to be a key part of our strategy and of our offering to our customers.”