Optimal Payments on track after Skrill acquisition

Online payment provider Optimal Payments has announced in a trading update that it remains in line with its expectations for the year, with the company having been given a boost through its recent acquisition of Skrill.

As reported by iGaming Business, Optimal in March agreed a deal to acquire its rival payment processor from Sentinel Group Holdings.

Under the agreement, Optimal subsidiary Netinvest Limited acquired the entire issued share capital of Skrill in exchange for €720 million ($803.3 million) and 37,493,053 new ordinary shares, payable at completion.

Sentinel Group will own approximately 7.9% of the enlarged share capital of the new company.

Aside from activity surrounding the Skrill deal, Optimal has revealed that other areas of the business have continued to perform well in the first four months of the year.

Optimal said that the consolidation in the US of Meritus and GMA, which were acquired in July 2014, has progressed well, with both businesses being managed as one integrated entity NETBANX Straight Through Processing business

The firm also noted the strong trading it experienced last year has continued into 2015, with its NETELLER Stored Value and NETBANX operations performing well.

Given the recent growth of the business, Optimal will now seek permission to list its ordinary shares on the premium segment of the Official List of the UK Listing Authority and begin trading on the London Stock Exchange.

With the process of moving from AIM to the main market already under way, Optimal expects its ordinary share to be eligible for inclusion in the FTSE 250 Index of the London Stock Exchange.  

Joel Leonoff, president and chief executive officer of Optimal, said: “We were delighted with the response from all of our shareholders to the acquisition of Skrill, which is a real game changer for us.

“The enlarged Optimal Payments, on completion, will become a leading player in the markets we serve and create additional opportunities for further profitable growth.

“It will also deliver benefits to our shareholders in the shape of accretive earnings from next year, enhanced liquidity from the intended move to the main market and, in due course, inclusion in the FTSE 250.”

source : www.igamingbusiness.com

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