Belfast Telegraph

Paysafe approached by Blackstone and CVC Partners over possible takeover

Online payments firm Paysafe has been approached by private equity giants Blackstone and CVC Partners over a possible £2.9 billion takeover.

In a stock market announcement, Paysafe said it had received a preliminary, conditional proposal from the duo after first being approached in May.

Under the terms of deal, shareholders in Paysafe would receive 590p per share, a 34% premium on the firm's average price for the six months to June 30.

Paysafe's largest shareholder, Old Mutual Global Investors, is recommending the offer.

Shares in the FTSE 250 firm rocketed in morning trading, rising nearly 9% to 589.2p.

The group added that Blackstone and CVC have indicated that their financing requirements will be funded in part with the proceeds of a disposal of non-core assets, such as Paysafe's Asia Gateway business.

The company cautioned that there can be no certainty a bid will be made and Blackstone and CVC have until August 18 to confirm their offer.

Separately, Paysafe has agreed to acquire Delta Card Services, the holdings company for Texas-based payment processor Merchants' Choice Payment Solutions.

Paysafe will shell out 470 million US dollars (£362 million) for the group, which processes services to approximately 60,000 merchants in 50 US states and oversees 14 billion US dollars (£10.8 billion) in yearly sales volumes.