Paysafe agrees terms on takeover bid

Paysafe Group has today (Friday) confirmed that it has reached an agreement on the terms of a takeover offer from a consortium featuring Blackstone and CVC Capital Partners.

In a statement, Paysafe – the owner of Skrill, Neteller and Paysafecard – said the acquisition values the company at approximately £2.96bn (€3.28bn/$3.89bn).

Should the deal go through, then each Paysafe shareholder would be entitled to receive 590p in cash for each share they have in the company.

Paysafe said it was first approached over a possible deal in May and has already turned down a number of offers, but last month confirmed a new bid had been put forward by the Blackstone and CVC consortium.

Subject to relevant approval, Paysafe said the acquisition is set for completion in the fourth quarter of this year.

Dennis Jones, chairman of Paysafe, said: “Paysafe has been on a remarkable journey, undergoing significant transformation and generating substantial shareholder value.

“The offer from the consortium represents an opportunity for shareholders to crystallise a certain cash value from their investment in Paysafe.

“The Paysafe independent directors believe that Paysafe will continue to play a key role in payments innovation, leveraging the state-of-the-art technology it has built over a number of years.”

Paysafe will publish its results for the six months to June 30 next week.

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