A consortium of Blackstone and CVC Capital Partners has made a $3.7bn (£2.8bn) takeover bid for payments processing Paysafe Group, it was announced today.
In a statement Paysafe said they were initially approached by the consortium in early May who made a number of indicative proposals, before they increased their possible all-cash offer to 590 pence per share, a 34 per cent premium to its average price in the six months to the end of June.
Old Mutual Global Investors, Paysafe’s largest shareholder with around a 10.3 per cent stake, support the bid and have signed a non-binding letter of support for the possible offer, the group said.
The consortium has until 5pm on 18 August 2017 to confirm their offer.
In a separate statement Paysafe announced they have acquired Merchants’ Choice Payment Solutions for $470 million.
The group has acquired Delta Card Services which owns the Texas based payment processor company.
The company delivers card processing services to around 60,000 merchants in 50 states, processing over $14bn sales annually.