Paysafe board backs Blackstone, CVC's $3.9-bn offer

Paysafe shares were up 1.3 per cent at 600 pence in early trade, signalling investors are hopeful of

Payments processing company Paysafe Group has backed a £3-billion ($3.9 billion) takeover offer from a consortium of funds managed by Blackstone and CVC Capital Partners, the latest in a string of deals in the sector. Payments companies have become sought-after targets as more shoppers switch from cash to paying for purchases by smartphones or other mobile devices. US group Vantiv is in talks to buy Britain's Worldpay for £7.7 billion.

Paysafe offers pre-paid cashcards and online wallets which are popular among online gambling customers, and has recently agreed to buy Merchants' Choice Payments Solutions for $470 million to strengthen its presence