Optimal Payments Plc (LON:OPAY), a provider of online and mobile payment services, today announced the receipt of change of control approval from the Financial Conduct Authority (FCA) relating to the acquisition of the Skrill Group.
The regulatory nod of approval comes after on March 23, 2015, Optimal Payments announced an agreement to acquire Sentinel Topco Limited and its subsidiaries (“Skrill” or “Skrill Group”) from Sentinel Group Holdings S.A. for an enterprise value of approximately €1.1 billion ($1.2 billion).
After the receipt of FCA’s permission, Optimal Payments expects that the deal will be completed on August 10, 2015.
Directors of Optimal Payments today re-stated their confidence that the deal will be transformational and value enhancing for Optimal Payments and its shareholders.
As the acquisition is classified as a reverse takeover for Optimal Payments, upon the deal completion the listing on AIM of all of the pre-completion existing ordinary shares will be cancelled. Optimal Payments has applied for the immediate re-admission of those Pre-Completion Existing Ordinary Shares and the admission of the Skrill Consideration Shares to trading on AIM.
The company expects that Completion Admission will become effective and dealings in the Pre-Completion Existing Ordinary Shares and the Skrill Consideration Shares will start at 8.00 a.m. on August 11, 2015.
To view the official filing with the LSE on the regulatory approval, click here.