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.
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)
Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.