Montreal e-payment firm makes billion-dollar bid for U.K. rival

Online payments are still an area of growth if Optimal Payment’s new acquisition is any indicator.

Canada’s own company offering services akin to PayPal today announced plans to buy Skrill, an e-wallet maker and former competitor for 1.1 billion euros ($1.51 billion Canadian).

Based in Montreal, Optimal said it would use Skrill’s install base in both Europe and New York to diversify its customers and expand its online payment and digital wallet services.

“The Directors of Optimal Payments believe that the acquisition will be transformational and value-enhancing for Optimal Payments and will create a leading payment and digital wallet provider with significant international scale and reach that is well positioned to capitalize on the substantial and growing payment processing and digital wallet markets, particularly within the rapidly expanding online gambling sector,” Optimal said in a statement.

According to a company spokesperson, the company’s Canadian clients include those in the financial, retail, non-profit organizations, and lottery corporations, namely Desjardin, Rona, Beyond the Rack, Frank and Oak, the Red Cross and OLG and LottoQuebec.

According to Reuters, Skrill Group netted a profit of $89 million during its last fiscal year.  The acquisition is subject to regulatory and Optimal’s shareholder approvals.

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