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: August 21, 2014
INTERNATIONAL. The report found there are 15 million middle-class households in 11 of sub-Saharan Africa's top economies this year, up from 4.6 million in 2000 and 2.4 million in 1990, an increase of 230% over 14 years.
date:Posted: August 21, 2014
UAE. "The establishment of QIFs aimed at sophisticated, high-net worth investors is a welcome development which reflects the fact that a one size fits all approach to regulation is not appropriate."
date:Posted: August 20, 2014
UAE. Rising geopolitical tensions and slowing global growth; GCC markets remain steady in spite of increased global volatility; Commodity prices soft on China bank data.
INTERNATIONAL. U.S. special operations forces made a failed attempt to rescue journalist James Foley and other Americans held hostage by Islamic extremists in Syria earlier this summer, the White House said in a statement.
dhgate