A private equity teamup between Blackstone and CVC Capital Partners has seen its almost £3bn bid to buy payments processing company Paysafe greenlit by the business.
The 590 pence per share offer represents a 42 per cent premium to the volume weighted average price per Paysafe share during the twelve month period ended 30 June 2017, the day prior to broad sector consolidation speculation, a statement from Paysafe to the London Stock Exchange said.
It said, “The Paysafe independent directors, who have been so advised by Lazard as to the financial terms of the acquisition, consider the terms of the acquisition to be fair and reasonable.”
Paysafe offers a range of payment solutions including, card issuing, payment gateways, merchant accounts, fraud and risk, compliance, digital wallets, mobile invoices, among others.
Blacsktone senior managing director Martin Brand said, “We are delighted that our proposal has been recommended by the board and excited by the prospect of working with management to develop Paysafe as one of the leading, global providers of online and mobile payment solutions.
“Paysafe’s innovative alternative payment systems and risk management capabilities form a strong value proposition for consumers and merchants alike.
“As a leading technology investor, Blackstone believes that Paysafe is an ideal platform for continued innovation in the payments space, and look forward to supporting Paysafe’s growth both organically and through acquisitions.”
CVC global co-head of financial services Peter Rutland added, “Paysafe is an important and innovative online payments partner for merchants and customers across the globe.
“Our investment experience in financial services, and particularly the payments sector, provides us with the ability to understand and value the company and its future growth.”
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