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CVC bought Skrill

Online payment processor Skrill, a partner of numerous sportsbetting companies, has been sold to private equity group CVC Capital Partners.

Bahrain-based investment vehicle Investcorp said that it had agreed to sell Skrill for €600 million ($800 million).

CVC has acquired a 75% stake in Skrill, with the deal being funded by about €250 million of equity as well as debt financing provided by Credit Suisse, RBS and Jefferies.

Investcorp, which invested €105 million for a controlling stake in Skrill – formerly called Moneybookers – six years ago, will retain a “substantial minority position” and a seat on the board.

“We are delighted to have CVC on-board whilst retaining Investcorp as a significant investor,” Skrill chief executive officer Siegfried Heimgaertner said.

“CVC’s global reach and experience will support our goal to become the first choice in payments on a global basis. The value-based transformation we began in 2012 will continue unabated through this year and into 2014.”

According to the Daily Telegraph newspaper, CVC senior managing director Peter Rutland said that the deal would help to support Skrill’s international expansion plans.