Optimal Payments completes acquisition of Skrill
Optimal Payments has completed the acquisition of Skrill, a provider of online payment and e-money solutions business, for EUR1.1bn ($1.2bn)
Under the terms of the agreement, the company has issued 37,493,053 new ordinary shares to Sentinel Group Holdings which amounts to about 7.9% of the enlarged share capital following the closure of the acquisition.
The combined group can now accept and process over 100 payment types in over 22 languages and in over 40 currencies as well as have an enhanced customer and geographic diversification.
The enlarged group expects to profit from the expected growth in the North American online gambling market with the expanded customer and geographic range.
The deal aims to achieve $40m of cost saving synergies per year by the end of 31 December 2016.
Optimal Payments chairman Dennis Jones said: “The Board is confident that the transaction will deliver the earnings accretive benefits for shareholders from next year and that the intended move into the FTSE 250 will deliver enhanced liquidity.”
Optimal Payments president and CEO Joel Leonoff said: “This is a transformational deal which more than doubles the size of our business. Together, we are a stronger, more diversified business which is better able to compete on a global basis.”