Paysafe shares jump on bid approach

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Shares in UK payments company Paysafe jumped 7% after it received a £2.9bn takeover approach from a group of private equity firms.

Paysafe said a consortium containing Blackstone and CVC Capital Partners had made a 590p-a-share offer.

The approach comes amid a wave of takeover activity within the payment processing sector.

Earlier this month, Worldpay agreed to be bought by US payment processing giant Vantiv in a deal worth £9.1bn.

Danish payment services firm Nets A/S has also been approached by possible buyers.

Paysafe was the biggest riser on the FTSE 250. Meanwhile the benchmark FTSE 100 was down 4.31 points at 7,483.56 by midday.

Vodafone shares rose 1.1% after its latest trading update. The mobile phone network said organic service revenues grew by 2.2% in the three months to 30 June, beating expectations.

Shares in bookmaker Paddy Power Betfair fell 3.8% after Investec cut its rating on the company to “sell”.

On the currency markets, the pound rose 0.3% against the dollar to $1.3010 and edged up 0.1% against the euro to 1.1166 euros.

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