July 21, 2017 / 6:21 AM / 2 years ago

Blackstone, CVC make $3.7 bln bid for payments firm Paysafe

July 21 (Reuters) - A consortium of Blackstone and CVC Capital Partners has made a 2.86 billion pound ($3.71 billion) takeover proposal for payments processing company Paysafe Group, the British group said on Friday.

The 590 pence per share all-cash offer represents a premium of an about 9 percent premium to Paysafe’s closing price as of Thursday.

In a separate statement, Paysafe also said it had agreed to buy U.S. peer Merchants Choice Payments Solutions for $470 million, joining a growing number of deals in the sector, including a 7.7 billion pounds bid for Britain’s Worldpay by U.S. credit card processor Vantiv.

Payments companies have become targets for credit card companies and banks seeking to capitalise on a switch from cash transactions to paying by smartphone or other mobile device. ($1 = 0.7701 pounds) (Reporting by Esha Vaish in Bengaluru; editing by Simon Jessop)

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