SBC News Voice of the Sports Betting Industry
Following a review of its $1.2 billion (£815 million) takeover of online payment provider Skrill Group, the UK Financial Conduct Authority (FCA) has approved Optimal Payments PLC (LSE) acquisition bid.
Informing the market Optimal Payments governance stated that it would proceed with its full integration of Skrill Group operations, with a view to complete its takeover by 10 August. Issuing a corporate statement Optimal Payments commented
“The Directors of Optimal Payments believe that the acquisition will be transformational and value enhancing for Optimal Payments and will create a leading payment and digital wallet provider with significant international scale and reach that is well positioned to capitalize on the substantial and growing payment processing and digital wallet markets, particularly within the rapidly expanding online gambling sector”.
“The Directors believe that there is a clear and compelling strategic and financial rationale for a combination of Optimal Payments and Skrill.”
Following its takeover of Skrill Group, Optimal Payments will seek to list on the London FTSE 250, as outlined by the provider in July of this year. Joel Leonoff CEO of Optimal Payments commented on future corporate plans
“The acquisition of Skrill will create a global tech champion in the fast growing digital payments space, and we believe represents a transformational leap forward that greatly accelerates our strategic plan. The combined business will be quoted in the UK and will be of sufficient scale for us to seek a main market listing and FTSE250 inclusion as soon as possible following completion of the acquisition.”
The takeover of Skrill Group assets has been financed through a combination of cash, new debt facilities, and a fully underwritten Rights Issue, through finances gained from Bank of Montreal, Barclays Bank, andDeutsche Bank committing to provide total acquisition facilities of €500 million.
