Paysafe: Formal Bid Made At 590p
Edison | Aug 09, 2017 06:38AM ET
Paysafe Group Plc (OTC:NVAFF) has confirmed that the Blackstone/CVC consortium has made a formal bid for the company at 590p per share (all cash). The board is recommending the offer, which should complete in Q417 if approved by shareholders and all other regulatory requirements are met. The disposal of the Asia Gateway business for up to $308m has also been agreed, and is anticipated to complete on the same day.
On 21 July, Paysafe announced that it had received an indicative bid from a Blackstone/CVC consortium at 590p per share (all cash). Friday’s announcement confirms a formal bid from the consortium at that price. The Paysafe board is recommending the deal and shareholders Old Mutual PLC (LON:OML) and Threadneedle have given support in respect of 11.94% of shares outstanding. The deal is structured as a Court-sanctioned scheme of arrangement, The proposed deal was conditional on reaching an agreement to sell the Asia Gateway business to a third party at the same time – a buyer, Spectrum Global, has now been disclosed, which will pay up to $308m over six years for the business, which had revenues of $131m and EBITDA of $50m in FY16. This deal is expected to close on the same day as the takeover of Paysafe, and will not happen if the Paysafe deal does not complete. Approvals required for the acquisition of Paysafe to close include financial services authority clearances in the UK, Isle of Man, Switzerland and Mauritius, anti-trust clearance in the EU, US, Canada, China and Turkey and shareholder approval at the court meeting (>75% of shares voted ) and general meeting.
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