Optimal Payments (Neteller) Buying Skrill for $1.2 Billion

Optimal Payments, which owns Neteller, has said they will be buying Skrill Group for about $1.2 billion dollars. Neteller and Skrill are two of the most popular online payment methods in the world so this is a huge deal.

Optimal Payments has not said if Skrill will remain their own brand or be absorbed into the Neteller brand. Regardless, the addition of Skrill will make Optimal Payments an even bigger player in the online payment market. "We now become significantly more relevant to the industry as the consolidation strengthens our position around the world," Optimal Payments CEO Joel Leonoff said, "The acquisition of Skrill will create a global tech champion in the fast growing digital payments space and we believe represents a transformational leap forward that greatly accelerates our strategic plan."

Optimal Payments is currently doing business in more than 200 countries and territories around the world. The addition of Skrill and their paysafecard will expand the reach of Optimal Payments and Neteller even further. "There is a growing opportunity to help facilitate alternative payments in places where credit cards don't work as well as in other communities." Leonoff said, "We will look to create a buffet of payment options for consumers."

The deal for Optimal Payments to acquire Skrill still has to go through a number of formalities so it may not be completely done until later this year.