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
china wholesale market

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: August 27, 2015
UAE. Exponential's insight provides tangible tips for driving "active attention" amongst consumers.
date:Posted: August 27, 2015
UAE. The rate of decline is however easing and is expected to continue to decelerate over the remainder of the year, according to ValuStrat's Q2 2015 Dubai Real Estate Market Report.
date:Posted: August 26, 2015
UAE. "Using a per unit of value job creation metric, we extrapolate that the number of jobs created in the real estate sector will rise by approximately 60% in the next five years."
UAE. The rate of decline is however easing and is expected to continue to decelerate over the remainder of the year, according to ValuStrat's Q2 2015 Dubai Real Estate Market Report.
dhgate