Private-equity groups Blackstone and CVC Capital Partners have entered into an agreement to acquire Paysafe Group in a deal worth £2.96bn ($3.89bn).
The acquisition agreement has been signed by Pi UK Bidco (Bidco), a newly-incorporated company jointly-owned by funds managed by Blackstone and funds managed by CVC.
With a combined transactional volume of $48bn in 2016, Paysafe employs more than 2,200 people in 12 global locations. It connects businesses and consumers across 200 payment types in over 40 currencies.
Blackstone senior managing director Martin Brand said: “Paysafe's innovative alternative payment systems and risk management capabilities form a strong value proposition for consumers and merchants alike.
“As a leading technology investor, Blackstone believes that Paysafe is an ideal platform for continued innovation in the payments space, and look forward to supporting Paysafe's growth both organically and through acquisitions."
The transaction is subject to receipt of various regulatory and anti-trust approvals.
Paysafe chairman Dennis Jones said: "Paysafe has been on a remarkable journey, undergoing significant transformation and generating substantial shareholder value. The offer from the Consortium represents an opportunity for shareholders to crystallise a certain cash value from their investment in Paysafe.
“The Paysafe Independent Directors believe that 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."
In July, Paysafe Group agreed to acquire almost all the assets of Delta Card Services, the holding company of Merchants’ Choice Payment Solutions (MCPS), for $470m.
MCPS is a Houston, Texas-based payment processor. It is a data-focused full service payment processor for merchants and high-volume Independent Sales Organisations (ISOs) across North America.
Image: The transaction is subject to receipt of various regulatory and anti-trust approvals. Photo: Courtesy of Stuart Miles/FreeDigitalPhotos.net.