Aug 4 (Reuters) - Paysafe Group said its board had unanimously recommended a takeover offer from a consortium of funds managed by Blackstone and CVC Capital Partners valuing the payments processing company at 2.96 billion pounds ($3.89 billion).
Paysafe's board considers the terms of the acquisition to be "fair and reasonable." Each Paysafe shareholder will receive 590 pence per share in cash.
The deal is expected to complete in the fourth quarter of 2017, the parties said in a statement on Friday.
The consortium had made a takeover proposal for the payments company in July. ($1 = 0.7612 pounds) (Reporting by Rahul B in Bengaluru. Editing by Jane Merriman)