UK-listed online payment processor Optimal Payments has struck a €1.1b deal to acquire rival Skrill.

Optimal announced on Monday that it had entered into an agreement to perform a reverse takeover of Sentinel Topco Ltd., which counts Skrill among its subsidiaries. Sentinel is currently owned by funds managed and advised by CVC Capital Partners, which acquired a majority stake in Skrill for €600m in August 2013. The parties expect to finalize the deal by Q3 2015.

Skrill, which began life as Moneybookers in 2001, is a popular payment processor in online gambling circles, and also controls the Ukash and Paysafecard businesses. Optimal has been approved in all three US states currently offering some form of intrastate online gambling and has also boosted its presence in Canada’s regulated provincial online markets.

Optimal justified its Skrill acquisition as a way to diversify its profile and ensure it isn’t overly reliant on online gambling. Optimal chairman Dennis Jones said the Skrill deal was one of those opportunities that are “few and far between” and would likely be earnings accretive “from the first full fiscal year of ownership.”