Firm swayed by £3bn bid

Paterniano Del Favero
Agosto 5, 2017

The private equity industry's appetite for blockbuster payment deals shows no signs of abating as Blackstone and CVC agree a £2.96 billion deal to acquire online payments company Paysafe. Paysafe has both payment brands and also the affiliate marketing business Income Access.

CVC has always been involved with betting and now has stakes in operators Sky Bet, Sisal and Tipico, while Blackstone has only just secured a £600m deal to buy Clarion Events, organiser of ICE Totally Gaming and several other gambling conferences.

Paysafe Group has today (Friday) confirmed that it has reached an agreement on the terms of a takeover offer from a consortium featuring Blackstone and CVC Capital Partners.

Paysafe chairman Dennis Jones said: "Paysafe has been on a remarkable journey, undergoing significant transformation and generating substantial shareholder value". Chief executive Joel Leonoff and chief financial officer Brian McArthur-Muscroft have already irrevocably agreed to sell their stakes, while Old Mutual Global Investors and Threadneedle Asset Management - who together own around 11.94 of PaySafe - have sent letters of intent to accept the offer.

"Paysafe will continue to play a key role in payments innovation, leveraging the state-of-the-art technology it has built over a number of years".

Paysafe was presented with the bid last month by a European and U.S. private equity partnership, CVC and Blackstone. Paysafe's innovative alternative payment systems and risk management capabilities form a strong value proposition for consumers and merchants alike.

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