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Bids, Mergers and Takeovers

Paysafe receives takeover offer from funds managed by Blackstone and CVC Capital Partners

21 July 2017 07:39

The Board of Paysafe received a preliminary, conditional proposal from funds managed by Blackstone and funds managed by CVC Capital Partners regarding a possible all cash offer for the entire issued share capital of the company by a newly incorporated company jointly owned by funds advised by the Consortium members or their respective affiliates.

The Paysafe Board was initially approached by the Consortium in early May 2017.

Following the receipt of a number of indicative proposals from the Consortium that were rejected, due diligence access was granted on the basis of a possible offer of 590 pence per share.

Under the terms of the Possible Offer, the ordinary shareholders of Paysafe would receive 590p in cash per ordinary share in Paysafe.

The terms of the Possible Offer represent a premium of approximately 34% to the volume weighted average price for the six month period ended 30 June 2017, the day prior to broad sector consolidation speculation.

Paysafe's largest shareholder, Old Mutual Global Investors (UK), sent Paysafe a non-binding letter of support for (and intent to vote in favour of, or accept) the Possible Offer, in respect of 50,000,000 of the Company's ordinary shares (being approximately 10.3% of its current issued share capital).

The Consortium indicated that its financing requirements will be funded in part with the proceeds of a disposal of any business the Consortium considers to be non-core, such as the Asia Gateway business.

Entry into an agreement by the Consortium to sell the Asia Gateway business to a third party buyer is a non-waivable pre-condition which must be satisfied before the making of any firm offer by the Consortium. The key terms have already been agreed with a third party buyer.

There can be no certainty that an offer will be made, even if the Pre-Condition is satisfied.

A further announcement will be made in due course, as appropriate.

Completion of any firm offer, if made, will be subject to Paysafe shareholder approval and receipt, on satisfactory terms, of regulatory and merger control approvals, as well as other customary conditions.

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