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Discussion in 'Casino Industry Discussion' started by jetset, Nov 21, 2006.

    Nov 21, 2006
  1. jetset

    jetset RIP Brian CAG

    Senior Partner, InfoPowa News Service

    UK-based E-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 regiatered 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.
  2. Nov 22, 2006
  3. cipher

    cipher Banned member - being a jerk

    I think Neteller would be well advised to hold on to whatever capital they have left, if in fact they have any capital left at lease until after all of the after shocks settle down on this here of late financial crisis.

    A press release painting everything as being honky doory or so to speak is one thing but making an absolute joke of themselves in entertaining a purchase of Money Bookers is absolute lunacy.

    Have a good one.

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