PR: CVC Capital Partners complets acquisition of Skrill

CVC Capital Partners has completed its acquisitions of European payment firm Skrill.

CVC completed the acquisition after having a controlling stake in Skrill. Skrill is one of Europe’s leading payment methods and offers its services to a plethora of industry types.

Skrill also recently completed its own acquisition of paysafecard, and will also be included in the deal with CVC Capital Partners.

Below is the official press release from Skrill:

Skrill Group, one of Europe's leading online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term companies, today announced the completion of the acquisition of a controlling stake in its business by CVC Capital Partners from a consortium of investors led by Investcorp, which remains as a shareholder.

Founded in 2001 and with operations across Europe and in the US, Skrill is among the world’s largest providers of Digital Wallet Digital Wallet A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi Read this Term technology, with 36 million account holders and revenues of over €220 million in 2013. Using Skrill, customers can make mobile and online payments conveniently and securely, without revealing personal financial data. It also provides a safe way to send and receive money instantly, online.

Skrill’s worldwide payment network offers businesses access to direct payment processing via 100 payment options in 200 countries and in over 40 currencies, through just one integration. Also part of Skrill Group is paysafecard, a prepaid payment card that can be bought from one of 450,000 sales outlets across Europe and used to make safe online payments, without a bank account or credit card, at 4,000 participating online outlets.

Commenting on the completion of the acquisition, Peter Rutland, senior managing director of CVC Capital Partners says, “Skrill has continued to impress CVC with its growth and strategy to respond to the opportunities from the increase in digital transactions. The company has demonstrated its ability to meet and influence the emerging needs of customers and merchants, and has shown both insight and innovation in order to adapt to trends such as mobile payments, which are shaping the future of transactions.” Siegfried Heimgaertner, chief executive officer of Skrill Group, adds, “We are delighted to have reached this milestone in Skrill’s history. The support of CVC demonstrates confidence in Skrill’s strategy and will enable us to remain at the forefront of transforming the way people pay and get paid globally. Skrill will continue to develop products that break down international boundaries between businesses and their customers by enabling transactions in an ever-extending digital world.”

CVC was advised by Jefferies International, Clifford Chance, Bain and Company and PwC. Investcorp and Skrill were advised by Barclays, King & Wood Mallesons SJ Berwin, Travers Smith, Freshfields Bruckhaus Deringer, PwC and Anthemis Group.

Crédit Suisse, Jefferies International and Royal Bank of Scotland have provided fully committed senior debt financing for the transaction.

Skrill Group is regulated by the Financial Conduct Authority (FCA) of the UK and holds money transmitter licenses in 49 US States.