UK - Investcorp to sell Moneybookers

Moneybookers was established in 2001 and is headquartered in London. An online payment provider, it allows online sellers and consumers to securely and instantaneously send and receive payments online. The company reported turnover of EUR 34m in 2008 and earnings of close to EUR 19m.

Press reports have put the price tag for the business at around EUR 400m, based on comparable deals in the sector in recent months. However, it remains doubtful that bidders will match this valuation, which equates to more than 20x earnings.

In March 2007, Investcorp Technology Partners, the technology private equity arm of Investcorp, acquired Moneybookers Ltd in a deal valued at EUR 105m. The deal enabled existing investors Gatcombe Park Ventures (partly owned by German tycoon Otto Beisheim) to realise some value, while also maintaining a stake in the company going forward.

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