Bahrain-based Investcorp has agreed to sell Skrill Group, a European online payments system, to private equity group CVC Capital Partners for €600m ($800m).

Investcorp will retain a substantial minority position in the company and will continue to retain a seat on the Skrill board. The sale is subject to regulatory approvals.

Investcorp was advised on the transaction by Barclays Bank and SJ Berwin.

Over the past nine months, Investcorp has invested in three new portfolio companies: Tyrrells, a crisps and snacks maker; Hydrasun, an oil services provider; and the Scandinavian luxury brand, Georg Jensen.

During the past year the team exited several European companies including Armacell, a German developer of technical insulation materials; IPH Group, a French distributor of industrial supplies; and partially exited its investment in Fleetmatics, an Irish-based provider of fleet management solutions for commercial fleet vehicles.