(Reuters) – Bahrain-based Investcorp INVB.BH said on Monday that it had agreed to sell British online payments services firm Skrill Group to private equity group CVC Capital Partners CVC.UL for 600 million euros ($800 million).
As part of the deal, Investcorp will keep a “substantial” minority position in the company and retain a seat on Skrill’s board, the company said in an emailed statement. It did not elaborate on the size of the stake.
Investcorp Technology Partners, the private equity firm’s technology arm, bought Skrill, or Moneybookers as it was formerly called, for 105 million euros in March 2007, according to Thomson Reuters LPC data.
At the time of the acquisition, Skrill generated revenues of 7.8 million euros and earnings before interest, taxes, depreciation and amortization of 3.7 million euros. It now employs about 700 people and in 2012, generated over 200 million euros in revenues and 50 million euros in EBITDA, Investcorp said.
Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) advised the Bahraini firm on the sale.