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Popular ewallet service Skrill has been aquired by the owners of Neteller

Optimal Payments Plc, owner of popular ewallet Neteller, has officially announced that the purchase rival payments processor Skrill for a cost of €1.1 billion.

The deal, equal to $1.21 billion or £810 million, was confirmed Optimal Payments Plc on Monday and will see the company expand its online presence with the aquisition of a direct competitor in the online payments market.

Optimal Payments was founded in 1999 and their brand Neteller became one of the world’s largest independent money transfer businesses. Neteller is widely used as a payment method by a large number of online casinos. Skrill has been available as a method of digitally transferring money online since 2001 and has built up a customer account database of over 36 million people worldwide.

This huge takeover deal comes on the same day that Optimal Payments announced a 44% increase in revenue and a rise of 83% in pre-tax profits for the year ending on 31st December, 2014.

Optimal Payments Plc Chairman Dennis Jones said “We are taking advantage of an exceptional opportunity to acquire a business we know very well which, combined with Optimal Payments, will be a leading UK based online payments business with the essential scale necessary to be highly successful. These opportunities are few and far between.”

Jones added “The board believes this transformational transaction will be earnings accretive for shareholders from the first full fiscal year of ownership, will further diversify our client base and, additionally, will enable us to deliver enhanced services to existing and prospective merchants and customers in all of our global markets.”

Optimal Payments has not yet released any information on whether or not Skrill be maintained as a separate brand or if its identity will be merged in with the Neteller brand across the globe where the companies are active.