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 paysafecard.com 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.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 20, 2017
LEBANON. MIT Enterprise Forum Arab Startup Competition winners award ceremony to be held in Bahrain on April 27; 74 semi-finalists from 11 Arab countries compete for cash prizes exceeding US$160,000.
date:Posted: April 19, 2017
INTERNATIONAL. Aurecon's latest Just Imagine blog post: will autonomous vehicles really reinvent transportation or will they exasperate our overburdened systems?
date:Posted: April 19, 2017
SAUDI ARABIA. Private sector is having more impact at the primary level - with stronger growth levels seen against a decline in public sector enrolment. Pressure on provision creates an opportunity for greater collaboration between the public and private sectors.
LEBANON. MIT Enterprise Forum Arab Startup Competition winners award ceremony to be held in Bahrain on April 27; 74 semi-finalists from 11 Arab countries compete for cash prizes exceeding US$160,000.
dhgate