Investcorp puts Moneybookers up for sale -source

LONDON, March 9 (Reuters) - Bahrain-based investment bank Investcorp has put online payment firm Moneybookers up for sale, aiming to raise about 400 million euros ($506 million), a source familiar with the matter said on Monday.

Investcorp INVB.BHINVBq.L, listed in Bahrain and London, has hired JPMorgan to run the sale, the source added.

The news came as Moneybookers announced a near doubling in revenue for 2008.

Revenue rose 88 percent to 34.5 million euros from 2007, with earnings before interest, tax, depreciation and amortisation (EBITDA) up 108 percent at 18.7 million, Moneybookers said in a statement.

Investcorp Technology Partners, the bank’s technology private equity arm, bought Moneybookers for 105 million euros in March 2007.

In February, Investcorp said it planned to raise at least $250 million in capital after posting a net loss of $511 million for the six months to Dec. 31 as the global economic turmoil hit its portfolio companies.

Moneybookers declined to comment on the sale.

A spokeswoman for Investcorp did not immediately return a request for comment. (Editing by Douwe Miedema/Will Waterman) ($1=.7909 Euro)


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