Optimal Payments to join FTSE 250 after €1bn Skrill takeover

 
Michael Bow
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PAYMENTS processor Optimal Payments will rebrand and join the FTSE 250 in the wake of its €1.1bn (£805m) takeover of rival Skrill.

The company, currently listed on the alternative investment market, will move the main market after the “transformational” deal is completed, it confirmed yesterday.

It also signalled it was continuing to assess M&A opportunities in the market, paving the way for future takeovers. The business unveiled a 40 per cent rise in revenues for the half year period to $223m (£144m), with adjusted profits after tax increasing by 18.7 per cent to $37.3m. Netbank and Neteller, its two flagship brands, both posted high double digit growth.

“Current trading continues to be strong and we believe that the consolidated business places us in a much stronger position in the payments landscape and are eagerly looking forward to our future as a combined entity,” boss Joel Leonoff said.