Private equity company CVC Capital has signed an agreement to buy British online payment company Skrill Group for €600m from Bahrain-based Investcorp.
Investcorp is expected to retain a ‘substantial minority’ stake in the company and will continue to retain a seat on the Skrill board.
Skrill’s president and CEO Siegfried Heimgaertner said the company is delighted to have CVC on-board whilst retaining Investcorp as a significant investor.
"CVC’s global reach and experience will support our goal to become the first choice in payments on a global basis," Heimgaertner said.
"The value-based transformation we began in 2012 will continue unabated through this year and into 2014."
CVC Capital Partners senior managing director Peter Rutland said: "Skrill is a high quality business that has demonstrated its ability to grow rapidly into a market leading provider of online payments serving the online gaming, gambling, digital media and e-commerce industries."
The online payment systems and independent digital wallet provider, founded in 2001, currently has over 36 million account holders and enables customers to make online transactions as well as send and receive money online.
