Optimal finalises Skrill Group €1.1 billion takeover

Skrill_1-Tap-02Optimal Payments has confirmed its €1.1 billion ($1.2 billion) takeover of Skrill Group services, the acquisition sees Optimal become the biggest payment provider for the online gambling sector.

The payment provider has fulfilled all takeover obligations set by the UK FCA, and met payments conditions set by majority stakeholder CVC Capital Partners, who had acquired a majority stake in Skrill  Group for €600 million in 2013. The newly merged company will now proceed to list on the London FTSE250

Optimal governance confirmed that Joel Leonoff will remain in his role while Skrill Group CEO, David Sear, will step down  having been instrumental in steering the payment provider through its acquisition of Ukash and sale to Optimal Payments.

Optimal’s portfolio of online payment services will now include Skrill, paysafecard, Payolution, NETELLER, Net+ NETBANX® and FANS Entertainment. 

Joel Leonoff, President and Chief Executive Officer of Optimal Payments, commented:

“The acquisition of the Skrill Group creates a global fintech champion in the fast growing digital payments space that is of sufficient scale for us to now seek a main market listing and FTSE250 inclusion as soon as possible. I must recognise and congratulate David and his team on the Skrill Group’s success to date, and for helping to establish a platform on which we are confident of driving growth in the future.”

David Sear Skrill Group CEO commented:

“The combination of Skrill and Optimal Payments creates a multi-billion dollar fintech company and a powerful force in the world of payments. This is a great deal for the shareholders of both businesses and will significantly strengthen the value we provide to our customers. I have every confidence the business will become a major player in global online payments moving forward and wish the new leadership team the greatest of success as they steer the combined group into this exciting next phase of growth.”

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