Online payments processor Optimal Payments has been given the green light to proceed with their $1.2 billion acquisition of competitor Skrill.
Optimal Payments PLC has taken another step forward in the journey to acquire their competitor Skrill. The UK-listed online payment processor has received the receipt of change of control approval from the Financial Conduct Authority (FCA) in line with the proposed $1.2 billion reverse takeover.
News of the proposed acquisition first came to light back in March when Optimal announced the reverse takeover of Sentinel Topco Ltd. – Skrill are one of Sentinel’s many subsidiaries and the jewel in the crown for Optimal as they look to place some of their eggs in non online gambling baskets. Skrill is accepted in over 156,000 businesses of varying degrees.
Skrill is the e-commerce business formerly known as Moneybookers. In 2013, the business was acquired by CVC Capital Partners in a reported €600m deal. They are currently one of the US customer’s e-wallets of choice in all three regulated states: Delaware, New Jersey and Nevada.
Skrill is also the parent company for the online payment providers Ukash and Paysafecard. Earlier this week it was revealed that Ukash would cease providing services to customers on Aug 31 and Paysafecard would take over all of the accounts.
Optimal Payments started out in life as Neteller PLC, later being renamed Neovia Financial PLC. In the summer of 2014 Optimal acquired Californian-based processors Meritus Payment Solutions and Global Merchant Advisors. It paid a reported $235m for the pair.
Earlier this week partypoker announced plans to appease their customers by halting all withdrawal fees with the exception of a few e-wallets they were currently in negotiations with. Skrill were one of those mentioned as yet to strike a deal with party.
Skrill are well known within the online poker community and were the official payment partner of Season 11 of the European Poker Tour (EPT).