Optimal Payments closing in on Skrill acquisition

2 June 2015

Online payment provider Optimal Payments has revealed that it is edging closer to completing its previously agreed acquisition of rival firm Skrill.

As reported by iGaming Business, Optimal announced in March it had agreed a deal to acquire Skrill from Sentinel Group Holdings in exchange for €720 million ($789.7 million) and 37,493,053 new ordinary shares.

At the time of the announcement, Optimal confirmed the reverse takeover deal was subject to a number of conditions such as Optimal shareholder approval and the Sentinel Group obtaining necessary approvals from relevant US regulatory authorities to grant the Skrill USA operation US money transmission licences.

Optimal has now confirmed that a number of these conditions have been met, with others also set to be satisfied.

Optimal shareholder approval was announced in April, Skrill USA has been granted relevant US money transmission licences, while the Delaware regulatory body has issued a satisfactory response in respect of the deal.

In regards to the change of controller approvals from the FCA, the organisation has confirmed that, unless it opts to exercise its statutory right to interrupt the consideration period, a decision on the application will be made no later than the end of July.

The acquisition will be completed shortly after controller approval is confirmed.

Related article: Optimal Payments to acquire Skrill in ‘transformational’ deal