Newspaper article The Journal (Newcastle, England)

Paysafe Agrees Takeover Deal; BUSINESS BRIEFING

Newspaper article The Journal (Newcastle, England)

Paysafe Agrees Takeover Deal; BUSINESS BRIEFING

Article excerpt

ONLINE payments firm Paysafe has struck an agreement for a PS2.96 billion takeover by Blackstone and CVC Partners. In a stock market announcement, Paysafe said it had rubber-stamped terms on a 590p per share offer that was tabled by the private equity duo in July.

The figure represents a 34% premium on the firm's average share price for the six months to June 30.

Paysafe chairman Dennis Jones said: "Paysafe has been on a remarkable journey, undergoing significant transformation and generating substantial shareholder value."

"Paysafe will continue to play a key role in payments innovation, leveraging the state-of-the-art technology it has built over a number of years."

The deal comes as more and more shoppers pay for purchases via mobile and online, and Paysafe offers pre-paid digital wallets that are used by internet gamblers. It still requires regulatory approval across a number of jurisdictions and needs shareholder backing. …

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