Shares in online payments provider Optimal Payments rocketed by more than 11 per cent this morning, after it told investors the long-awaited reverse takeover of rival Skrill would be complete by the end of the month.
In a trading update issued to the London Stock Exchange the online payments company said it expects the Financial Conduct Authority (FCA) to grant the €1.1bn (£791m) reverse takeover regulatory approval "no later than 30 July", prompting a surge in stock to a price of 243p per share after the first hour of trading.
Optimal is offering €720m and 37.5m shares to private equity firm CVC Capital Partners and investment manager Investcorp Technology Partners for Skrill, an internet money transferring business.
The rise in the group's share price made it one of the Aim's biggest movers this morning and adds fuel to the company's plans to graduate to the FTSE 250 following the completion of the deal.
Optimal was granted shareholder approval for the reverse takeover but had to first secure regulatory approval from US authorities over the transfer of Skrill's US division, as well as reaching agreements with the Bank of Montreal, Barclays and Deutsche Bank to fix the terms of the credit facilities used to fund the purchase.