CVC takes over Skrill in Investcorp deal

Private equity firm CVC has bought a majority stake in online payments company Skrill for €600 million (£511m).

Bahrain-based Investcorp, which bought the business for €105m in 2007, will retain a 25 per cent holding in the firm, which lets customers send and receive money using only their e-mail address.

Founded in 2001, Skrill has annual revenues of more than €200m and employs 700 staff. Chief executive 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.

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

Formerly known as Moneybookers, Skrill expanded through the acquisition of Austrian firm for around €140m last year.

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.”