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 5, 2015
UAE. JLL's Hotels & Hospitality Group has released its 2015 Middle East Hotel Intelligence Reports today for the key markets of Dubai, Abu Dhabi, Doha, Jeddah and Riyadh, at the Arabian Hotel Investment Conference (AHIC) in Dubai.
date:Posted: May 5, 2015
UAE. Inbound announced deal value increased from US$0.4 billion in Q1 2014 to US$2.6 billion in Q1 2015; Q1 2015 announced MENA M&A deal value increases by 9% to US$8.9 billion; 69% of MENA executives expect the deal market to remain stable in 2015.
date:Posted: May 4, 2015
UAE. Continued volatility seems to be the only certainty at the moment. Although it's hard to predict with any degree of certainty which way the charts will swing, the election polls remaining close does point towards investor sentiment weighing on the GBP.
UAE. Inbound announced deal value increased from US$0.4 billion in Q1 2014 to US$2.6 billion in Q1 2015; Q1 2015 announced MENA M&A deal value increases by 9% to US$8.9 billion; 69% of MENA executives expect the deal market to remain stable in 2015.
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