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Paysafe Group shares jump after takeover offer at 590p per share

Old Mutual Global Investors (UK) Limited, which holds 10.3% of Paysafe, has sent a non-binding letter supporting the offer

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Blackstone and CVC had approached Paysafe early May, making several proposals which had been rejected

Paysafe Group PLC (LON:PAYS) shares jumped after the online payments firm said it has received a conditional, all-cash, takeover offer from Blackstone and CVC Capital Partners at 590p per share, valuing the business at £2.9bn.

In midmorning trading, Paysafe Group shares gained 6.83% to 579p in late afternoon trading. 

The FTSE 250 firm said in statement today that it's largest shareholder, Old Mutual Global Investors (UK) Limited, has sent a non-binding letter supporting the offer. Old Mutual holds approximately 10.3% of Paysafe.

Blackstone and CVC had approached Paysafe in early May, making several proposals which had been rejected. 

The potential buyers have indicated the purchase will be partly funded by the sale of non-core businesses, such as the Asia Gateway business, Paysafe said.

Quick facts: Paysafe Group

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AIM:PAYS
Market: AIM
Market Cap: -
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