CVC buys 75% stake in Skrill

[corner-ad id=3]CVC the private equity firm has acquired a 75% stake in online payments company Skrill for £511m.

The Bahrain-based Investcorp, which bought Skrill for £90m in 2007, will keep a 25% stake in the company.

Skrill which was founded in 2001, has annual revenues of more than £170m and employs over 700 staff.

Company CEO Siegfried Heimgaertner said: “We are delighted to have CVC on board whilst retaining Investcorp as a significant investor, as we continue our evolution and growth as a global payments provider.

“CVC’s global reach and experience will support our goal to become the first choice in payments on a global basis.”

Skrill which was Formerly known as Moneybookers, expanded through the acquisition of Austrian firm paysafecard for around £120m in 2012.

Peter Rutland, senior managing director of CVC, said the firm would support Skrill’s management “as they continue to grow their range of online payment options across the globe”.

He 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 gaming, gambling, digital media and e-commerce industries.”