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: May 4, 2016
INTERNATIONAL. The climate has rarely been so favourable to a resolution of the conflict. The chaos that is sweeping the Middle East has been a game-changer in relation to Israel and the Arab countries.
date:Posted: May 4, 2016
SAUDI ARABIA. The manager/directors of any company that is incorporated in Saudi Arabia should start to consider what changes may need to be made to the company's articles of association or bylaws.
date:Posted: May 3, 2016
INTERNATIONAL. Emerging and startup digital banking platform technologies key to success of digital initiatives; incumbent application vendors have been slow to respond to new requirements.
SAUDI ARABIA. The manager/directors of any company that is incorporated in Saudi Arabia should start to consider what changes may need to be made to the company's articles of association or bylaws.
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