Paysafe board recommends acquisition offer to shareholders

It appears that the acquisition bid for the Paysafe group (see previous  reports) by private equity groups Blackstone and CVC Partners is gathering momentum, with reports that the board of Paysafe is to recommend the latest offer to shareholders, and the consortium agreeing to a consideration of GBP 2.96 billion.

That enables the Paysafe directors to guarantee a price of 590 pence a share for their investors, a reportedly 42 percent premium on the group’s average share value over the past year.

Paysafe brands have a significant presence in e-commerce and the online gambling industry, providing a complementary business to CVC, which has interests in international online gambling enterprises.

One of Blackstone’s senior directors, Martin Brand, has commented that Paysafe constitutes an ideal technology and business platform for more innovation in the e-payments environment.

The parties are working toward closing the acquisition by the end of 2017.

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