Optimal Payments is to buy Sentinel Topco, which trades as Skrill Group, from Sentinel Group Holdings in a €1.1bn deal that sees Optimal take control of the biggest competitor to its Neteller business.
Through its paysafecard brand, Skrill is one of Europe’s leading pre-paid online voucher providers. Optimal said on Monday that the deal would expand its online payment and digital wallet services and reduce its dependence on a small number of key customers.
Optimal will pay €720m in cash and issue 37.5 million new shares to the owners of Skrill, valued at €135m, giving Sentinel Group Holdings a 7.9 per cent stake in the enlarged firm.
The deal will be funded through cash, new debt facilities and a rights issue for around €620m.
