CVC Capital Buys Skrill

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CVC Capital Buys SkrillCVC Capital Partners, a private European equity firm, recently made a splash with several major purchases. One of the purchases included paying 600 million Euros to Investcorp for the online payment company Skrill.

According to Investcorp, Skrill “employs about 700 people” as of 2012. Reuters adds that Skrill has “generated over 200 million euros in revenues.”

The Reuters article also reports that Investcorp originally bought Skrill in 2007 for 105 million Euros and that they are retaining 25% share in Skrill going forward.

In an article on OnlineCasinos.com, it is noted that Skrill also provides services to many growing online gambling sites and that it “provides internet payment solutions to 35 million accounts” across the world.

That same article gives us some insight on why CVC Capital Partners made this investment in Skrill, with a quote from Senior Managing Director, Peter Rutland: “Skrill is a high quality business that has demonstrated its ability to grow rapidly into a market leading provider of online payments serving the online gaming, gambling, digital media and e-commerce industries.”

It now remains to be seen how Skrill will evolve with CVC Capital Partners as the controlling entity.

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