Private equity group Investcorp is looking to divest UK-based online payments provider Moneybookers. The Bahrain-based investor has appointed JPMorgan to manage a sale process.
It is thought the company could fetch a price of up to €400m given other valuations in the sector. The vendors could point to Ebay’s US$945m acquisition of Bill Me Later in October 2008. Ebay agreed the price based on a valuation of US$26m for its net assets and US$690m as part of a goodwill payment.
However, €400m could look be somewhat hopeful given the deterioration in economic outlook over the last six months. Although, Moneybookers has continued to show strong growth in spite of the downturn – adding 10,000 users a day to bring its total user accounts to 6 million.
The company generated earnings of €18.7m in 2008 on revenues of €34m.
Investcorp acquired Moneybookers in March 2007 in a €105m deal.
Source: Thomson Merger News