Online payments processor Optimal Payments has been given the green light to proceed with their $1.2 billion acquisition of competitor Skrill.

Optimal Payments PLC has taken another step forward in the journey to acquire their competitor Skrill. The UK-listed online payment processor has received the receipt of change of control approval from the Financial Conduct Authority (FCA) in line with the proposed $1.2 billion reverse takeover.

News of the proposed acquisition first came to light back in March when Optimal announced the reverse takeover of Sentinel Topco Ltd. – Skrill are one of Sentinel’s many subsidiaries and the jewel in the crown for Optimal as they look to place some of their eggs in non online gambling baskets. Skrill is accepted in over 156,000 businesses of varying degrees.

Skrill is the e-commerce business formerly known as Moneybookers. In 2013, the business was acquired by CVC Capital Partners in a reported €600m deal. They are currently one of the US customer’s e-wallets of choice in all three regulated states: Delaware, New Jersey and Nevada.