Investcorp expects GBP600 million from Skrill sale
Approximately GBP300 million or US$456.16 million of debt investment was prepared by bankers to back the possible sale of Bahrain-based Investcorp's INVB.BH online payment unit, Skrill, banking informants stated.
In March 2007, Skrill was bought by Investcorp Technology Partners which was the bank's technology private equity unit. Thomson Reuters LPC's figures showed that the previously called Moneybookers was worth Euro 105 million.
With the help of Barclays, Investcorp was expecting to receive about GBP600 million on July 9, which was just the first-round of negotiations.
Investcorp refused to give a statement about the report while Barclays was not directly available to give a remark.
Bankers said Skrill's earnings before interest, tax, depreciation and amortization (EBITDA) was euro 55 million last April 2013. Also, the data from LPC indicated that Skrill had an increase since it only earned GBP8.9 million in 2007.
The sale was anticipated to attract some private equity firms that are keen to make propositions after the dearth of M&A this year.