Blackstone/CVC in £2.9bn Paysafe acquisition
Written by Chris Lemmon
Payments processing company Paysafe has accepted a £2.9 billion takeover bid from Blackstone and CVC.
Paysafe is a global payment processor for merchants, platform providers and marketplaces, ISOs and partners. For consumers, the payments firm also offers digital wallet, card and mobile solutions to help customers manage and move their money without unnecessary cost and friction.
Under the terms of the acquisition, each Paysafe shareholder will receive 590 pence in cash per Paysafe share, which the Paysafe directors consider to be “fair and reasonable”. As a result, the board is expected to unanimously vote in favour of the takeover at a court meeting.
The deal is expected to be completed in the fourth quarter of 2017 following approval from shareholders, and will also need to be cleared by regulators in Britain, Switzerland Mauritius, the European Union, the United States and China among others.
Martin Brand, senior managing director of Blackstone, said: “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.”