Moneybookers On The Market
Published: Tuesday, November 21, 2006 Online-Casinos.com
MONEYBOOKERS ON THE MARKET
UK-based cash processor going for GBP 100 million
Moneybookers, the UK-based ePayment provider, is up for sale with a price tag of GBP100 million, the UK business media reports.
The business, which has around 2.3 million account holders, is owned by German retail tycoon Otto Beisheim. In 1964, Beisheim founded Metro Cash & Carry, now the world's fifth-largest retailer.
Industry observers say that potential buyers include Neteller, one of the world's leading independent payment processors registered with the FSA on the Isle of Man, as well as financial institutions and private equity firms. Neteller is thought to be particularly keen on Moneybookers following the recent restrictions on online gambling in the USA, which have caused Neteller shares to plummet by 81 percent.
The acquisition of Moneybookers would increase Neteller's presence in the European gaming market and bring in income from non-gaming operations such as CD-WOW.
Moneybookers' revenue for 2006 is forecasted to be around Euro 8 million with pre-tax profits of approximately Euro 4 million.
Longacre Partners are advising on the sale.
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