Published: August 22, 2013
Bahraini investment firm strikes deal with CVC Capital Partners over online payments company.
Investcorp, a Bahraini investment firm, is selling one of its European portfolio companies to private-equity player CVC Capital Partners in a €600mn (US$798mn) deal.
The company in question is Skrill Group, a UK-based technology company that lets customers use a “digital wallet” to make online payments and transfer money.
Investcorp took a controlling stake in the business back in 2007 in a €25mn deal. In the years since, the company has grown rapidly – when Investcorp backed Skrill it had revenues of €7.8mn and profits of €3.7mn, figures that by last year had risen to €200mn and €50mn, respectively.
The Bahraini firm will keep what its managers describe as a “substantial” minority stake in Skrill Group, as well as a seat on the company’s board.
Barclays’ M&A team advised Investcorp, while SJ Berwin offered legal advice. CVC was advised by Jefferies International and Clifford Chance.