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CVC, Cinven in the race to acquire Skrill

2 Aug 2013

dollar_money_currency_170sqPrivate equity firms CVC and Cinven are reportedly bidding for UK online payment services company Skrill, which has been put up for sale by Investcorp Technology Partners.

CVC and Cinven are part of an auction process, in which first round bids were due last month, said Reuters, citing banking sources.

Another private equity firm, Permira, has expressed interest in the company, which is expected to fetch £600m, said one of the people.

Bankers are currently arranging debt packages of £300m, which is 5.5 times Skrill’s EBITDA of €55m, to offer to potential suitors.

Investcorp, which bought Skrill for €105m in March 2007 has hired Barclays to advise on the sale.

Back in 2011 Investcorp cancelled an IPO of Skrill due to “adverse IPO market conditions.”

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