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The Board of Paysafe received a preliminary, conditional proposal from funds managed by Blackstone and funds managed by CVC Capital Partners regarding a possible all cash offer for the entire issued share capital of the company by a newly incorporated company jointly owned by funds advised by the Consortium members or their respective affiliates.

The Paysafe Board was initially approached by the Consortium in early May 2017.

Following the receipt of a number of indicative proposals from the Consortium that were rejected, due diligence access was granted on the basis of a possible offer of 590 pence per share.

Under the terms of the Possible Offer, the ordinary shareholders of Paysafe would receive 590p in cash per ordinary share in Paysafe.

The terms of the Possible Offer represent a premium of approximately 34% to the volume weighted average price for the six month period ended 30 June 2017, the day prior to broad sector consolidation speculation.

Paysafe's largest shareholder, Old Mutual Global Investors (UK), sent Paysafe a non-binding letter of support for (and intent to vote in favour of, or accept) the Possible Offer, in respect of 50,000,000 of the Company's ordinary shares (being approximately 10.3% of its current issued share capital).

The Consortium indicated that its financing requirements will be funded in part with the proceeds of a disposal of any business the Consortium considers to be non-core, such as the Asia Gateway business.

Entry into an agreement by the Consortium to sell the Asia Gateway business to a third party buyer is a non-waivable pre-condition which must be satisfied before the making of any firm offer by the Consortium. The key terms have already been agreed with a third party buyer.

There can be no certainty that an offer will be made, even if the Pre-Condition is satisfied.

A further announcement will be made in due course, as appropriate.

Hovering over the sell button, not convinced this is yet a good deal

LONDON, June 04, 2018 (GLOBE NEWSWIRE) -- Leading global payments provider, Paysafe, today announces the global launch of its latest alternative payment solution - 'Paysafecash'. The pioneering and ultra-safe online cash payment option has been designed to cater for the sizeable number of online shoppers around the world who still prefer to pay by cash. Recent data indicates that despite the enthusiastic uptake of electronic payments by many, numerous online shoppers are growing increasingly concerned that online shopping all too frequently results in financial fraud and data breaches.

Developed by the same Paysafe team who created the award-winning, pre-paid cash solution -paysafecard, a global leader in the online prepaid payments industry - the launch of Paysafecash forms part of Paysafe's disruptive strategy of delivering an unrivalled suite of safe, frictionless and relevant payments products around the world.

Paysafe drew on both industry and proprietary research when developing the new cash product. Contrary to popular belief that all online goods are purchased using credit or debit cards or other digital methods, market data indicates that around two billion adults in the world are still unbanked. Even in highly developed regions such as the European Union, over 57 million adults do not have bank accounts and 68% of transactions are still paid for using cash. In the UK, for example, despite the extensive usage of contactless payments, the number who rely almost entirely on cash has jumped by 500,000 to 2.7 million over the past two years according to data by Payments UK and the Bank of England. Fraud concerns and data security are often cited as a major reason for not wanting to share bank account or credit/debit card details online.

Unlike other online cash solutions in the marketplace today, Paysafecash offers a number of unrivalled and unique benefits. It's the first online cash solution that can be used to upload funds into digital wallets, including Paysafe's own popular digital wallets, Skrill and NETELLER. This means that Paysafe can now offer consumers who want it, an entire payments ecosystem running on cash, totally negating the need to have a bank account or share financial data online.

Additionally, with Paysafecash, shoppers can pay in exact amounts for the purchases they are making, rather than being forced to round up the amount to a fixed voucher denomination which is typically the only 'cash' option offered to date by online retailers.

This is how easily payment works with Paysafecash:
1. Generate barcode
The customer selects "Paysafecash" in the online shop as the payment method, loads the generated QR/barcode to his wallet, sends it to his mobile phone or prints it out.

2. Find payment point
Using the search function, the customer finds the nearest Paysafecash payment point.

3. Scan & pay
The customer has the QR/barcode scanned by sales staff in a payment point and pays the amount due. The online shop processes the order directly after payment.

The product launch also ties into Paysafe's new brand positioning of being the 'new Big' in the global payments industry as outlined in its recently re-vamped website and its 'Plug into Paysafe' global marketing campaign. As part of the Plug into Paysafe campaign, the payments provider is publishing the next iteration of its latest international study 'Lost in Transaction: Payment Trends 2018' this week. The new study reveals that 63% of consumers said they feel more comfortable purchasing online via a payment option where their financial details are not shared. A further study by CyberCorp showed that websites offering four or more payment options, in addition to credit cards, have a 12% higher conversion rate than online retailers only offering one alternative.

According to Udo Müller, Paysafe's CEO behind the product, Paysafe is focused on offering these much-needed additional payment options for online shoppers. He believes Paysafecash has the potential to drive millions of additional shoppers online representing a true growth driver for digital shopping and online retailers.