Optimal Payments to buy Skrill Group for enterprise value of USD 1.2 bln

The acquisition was from Sentinel Group Holdings, ultimately owned by funds managed and advised by subsidiaries of CVC Capital Partners, Investcorp Technology Partners and other shareholders, for an enterprise value of EUR 1.1 billion (USD 1.2 billion).

A division of Optimal Payments, Netinvest, will acquire the entire issued share capital of Skrill in exchange for EUR 720 million or USD 781 million cash and 37.49 million New Ordinary Shares, payable at completion. Following the completion, Sentinel Group Holdings or its shareholders will own approximately 7.9% of the enlarged share capital of the enlarged group.

The value of the equity consideration for Skrill is EUR 135 million or USD 146 million, based on the theoretical ex-rights price of the Rights Issue, which together with the cash consideration and the net debt of Skrill as at 31 December 2014 of EUR 256 million gives an enterprise valuation of Skrill of approximately EUR 1.1 billion.

The acquisition is expected to be earnings per share accretive from the first full fiscal year following completion. The completion of the acquisition is expected in Q3 2015. The Skrill Group is a European digital payments business providing digital wallet solutions and online payment processing capabilities.