Investcorp buys Austrian online firm for US$178 million
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Mon July 2, 2012 9:51 am

BAHRAIN. Investcorp, a Bahrain-based investment firm, said on Sunday its online portfolio unit Skrill bought Austrian firm for up to 140 million euros (US$177.67 million), betting on growth in online retail sector.

Paysafecard provides prepaid electronic payment services and the acquisition is Investcorp's fifth investment in Europe in the past six months, the Bahraini firm said in a bourse statement.

"Prudent investors are finding golden opportunities that have emerged post the Eurozone crisis, as reflected in our five acquisitions so far this year," Mohammed Al-Shroogi, Investcorp's president for Gulf business said.

Venture capitalists invested a record $2.39 billion in online retail in 2011, according to Thomson Reuters data, more than double the amount in 2010.

Skrill, formerly knows as Moneybookers, provides global online payments services.

The combined group will potentially have 27 million end-users and over 100 different payment options, the statement said.

Investcorp, which once owned luxury brands Gucci and Tiffany & Co, last month signed up to a $504 million-equivalent loan aimed at refinancing debt due in 2013.

The company had around $11.6 billion in assets under management as at December 31, 2011.



date:Posted: October 24, 2016
UAE. Blockchain can impact key areas of finance including retail payments infrastructure, remittances, FX trading, trade finance, capital markets and compliance activities; Booz Allen Hamilton identifies specific opportunities, recommends how the UAE can organize and co-ordinate efforts.
date:Posted: October 24, 2016
UAE. Business confidence in Middle East improves for second consecutive quarter, but remains low amid slumping growth rates; 44% of businesses report worsening conditions; UAE in stronger position as budget surplus relaxes austerity measures.
date:Posted: October 23, 2016
UAE. Al Masah Capital: Last week's pattern which showed up in most MENA markets, indicated weak trading activity that gave way to buying as bargain hunters stepped in.
UAE. First-time survey of CEOs undertaken by Oxford Business Group suggests that business sentiment across the GCC remains broadly positive; A lack of credible intelligence and information vacuums on what emerging markets can offer, remain a concern.
cheap wedding dresses on