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Paysafe receives potential takeover bid of £2.9 billion

Staff Writer |
Paysafe Group said it has received a preliminary conditional takeover proposal from funds managed by Blackstone and funds managed by CVC Capital Partners, and separately announced it has agreed to acquire the assets of Delta Card Services Inc.

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Paysafe said was initially approached by the funds in May.

Following the receipt of a number of indicative proposals from the funds that were rejected, Paysafe said due diligence access was granted on the basis of a possible offer of 590.00 pence per share.

Under the terms of the possible offer, Paysafe said its shareholders would receive 590.00p per share in cash, representing a premium of approximately 34% to the volume weighted average price for the six month period ended 30 June, the day prior to broad sector consolidation speculation.

This would value the company at around £2.9 billion.

Paysafe said its largest shareholder, Old Mutual Global Investors (UK) has sent Paysafe a non-binding letter of support for the deal.

Old Mutual holds approximately 50.0 million Paysafe shares, 10.3% of its current issued share capital.

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