Private-equity leader CVC Capital Partners Ltd., clinched a deal with Bahrain-based Investicorp Bank BSC.The latter obtained a major share in Skrill Group Plc, an online British payment company.
The transaction is said to amount to EUR600 million or USD800 million, as disclosed by Investicorp. Skrill Group is said to have generated EUR200 million in sales plus EUR50 million of earnings before amortization, interests, depreciation and taxes.
Various financial intermediaries such as the esteemed Royal Bank of Scotland, Credit Suisse Group AG and Jefferies Group LLC have offered senior debt services for the buyout of Skrill, revealed CVC. CVC also revealed that they will fund the transaction with EUR305 million in loans, including EUR275 million of debt financing.
Investicorp is a renowned investment firm with about USD10.5 billion in assets. The company maintained that it will keep a "substantial minority position" in the company and shall continue to operate a seat on board.
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