10th Aug 2015 15:38
LONDON (Alliance News) - Optimal Payments PLC Friday said it has completed its acquisition of payments rival Skrill, meaning it will now seek to leave AIM for the London Main Market.
The EUR1.10 billion reverse takeover of Skrill by Optimal Payments was given the green light by the UK regulator last Tuesday, and has been completed slightly behind schedule.
Skrill is a payments businesses providing digital wallet solutions and online payment processing capabilities and is one of the largest pre-paid online voucher providers in Europe with its paysafecard brand.
Optimal Payments reiterated Monday that the deal will be "transformational and value enhancing" in the first financial year. The deal also will lead to USD40 million of cost saving synergies per year, starting in 2016.
"Additionally, Optimal Payments believes there will be further value upside potential from revenue cross-selling opportunities and platform consolidation," it added.
"Optimal Payments, together with Skrill, will have significantly enhanced scale across the world, with market leadership in the fast growing and profitable stored-value and payment-processing sectors. The enlarged group will now be able to accept and process over 100 payment types in over 22 languages and in over 40 currencies," Optimal said.
Geographically, Optimal said it will now be able to capitalise on the growth in the North American regulated online gambling market.
When the deal was originally agreed, Optimal Payments said it would leave AIM for the London Main Market once the deal was completed.
Optimal Payment closed up 1.9% to 284.36 pence per share on Monday.
By Joshua Warner; [email protected]; @JoshAlliance
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