Optimal Payments completes acquisition of Skrill

12 August 2015

Optimal Payments has confirmed that it has completed the acquisition of rival online payment provider Skrill.

As reported by iGaming Business, Optimal in March announced that it had struck a deal to acquire Skrill from Sentinel Group Holdings.

Having originally estimated that the deal would be completed by the end of July, the firm last week revealed it had secured the relevant approval from the UK’s Financial Conduct Authority to complete the acquisition.

In a statement, Optimal said the acquisition deal will create an enterprise value of approximately €1.1 billion ($1.2 billion) and will serve as a “transformational” and “value enhancing” move for Optimal and its shareholders.

Joel Leonoff, president and chief executive of Optimal, said: “This is a transformational deal which more than doubles the size of our business.

“Together, we are a stronger, more diversified business, which is better able to compete on a global basis.

“Over the course of the last four months, we have been further refining our integration plans for the two businesses.

“These plans are now more advanced and we are ready to commence executing the integration at a fast pace.

“Our confidence in extracting the resulting cost and revenue synergies remains very high.

“Further details of the progress of the integration will be provided in our future quarterly trading statements.”

Related articles:

Optimal secures FCA approval for Skrill acquisition

Optimal Payments set to finalise Skrill acquisition by end of July

Optimal Payments to acquire Skrill in ‘transformational’ deal