CVC Capital Partners has confirmed it has reached an agreement to buy a major stake in UK-based online payments provider Skrill Group from Investcorp.
The private equity firm will obtain the vast majority of the company for €600 million ($801 million), while the Bahraini investment company Investcorp will retain a "substantial" minority and will still keep a seat on its board when the deal is finalised.
Skrill was founded in 2001 and currently employs 700 people. It has more than 36 million account holders and is one of the world's largest independent digital wallets.
In 2007, Investcorp paid €25 million for a controlling stake in the firm in 2007 when its revenues were a modest €7.8 million. In 2012 that figure had reached more than €200 million.
Hazem Ben-Gacem, head of Investcorp's European Corporate Investment team, said the firm was proud to be part of Skrill's success over the last few years.
"Skrill and its management team have cultivated a market leading position during our ownership period over the past six years," he added.
By Gary Cooper