Optimal soars as Skrill deal gets closer

Optimal soars as Skrill deal gets closer

Friday, July 3, 2015
Optimal expects the takeover to be completed this month

Optimal Payments shares soared today as the company said it would complete its $1.1bn (€990m) takeover of rival online payment provider Skrill by the end of July.

The owner of NETELLER announced in March that it had struck a reverse takeover deal to buy Skrill from Sentinel Group Holdings in exchange for cash and shares.

After stating in May that it was close to completing the acquisition, Optimal today (Friday) said in a trading update that it expects to complete the deal by the end of the month. Optimal’s share price was up 16 per cent today (Friday) at 254.25p.

“Completion of the acquisition of Skrill remains subject to regulatory approval by the UK's FCA, which is expected to be made no later than 30 July 2015, unless the FCA exercises its statutory right to interrupt the consideration period,” said Optimal in the statement. “Completion of the acquisition will take place shortly after the receipt of FCA approval.”

Once the takeover is complete, Optimal reiterated that it expects its shares to be eligible for inclusion in the FTSE 250 Index of the London Stock Exchange. Optimal also noted that it intends to announce its results for the first six months on August 29.

Back in May, Joel Leonoff, Optimal’s president and chief executive, added: “The enlarged Optimal Payments, on completion, will become a leading player in the markets we serve and create additional opportunities for further profitable growth.”

Meanwhile, payments solution operator Sightline Interactive has said that its Play+ solution is to be used by Respin’s mobile gaming platform. Sightline said the processor allows customers to instantly move money in and cash out through a secure Play+ account to their favourite mobile games and gain access to a prepaid card. Respin is a joint venture between Spin Games and Nektan.

Kirk Sanford, chief executive at Sightline, said: “We are excited about entering into this partnership. Kent and his team are known for their passion, creativity and innovation and we can't wait to share our Play+ payment solution with Spin's on property mobile gaming consumers."

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