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Brookfield Asset Management has made a $2.7 billion bid to acquire Network International, a payments provider based in the UAE. This comes after an earlier offer from CVC Capital and Francisco Partners on Monday. According to a statement by the London listed company, Network International has received a preliminary, non-binding proposal for a potential cash offer of 400 pence per share, covering the complete issued and to be issued share capital of Network.
- CVC Capital and Francisco Partners also presented an offer of 387 pence per share for the company and have until May 11 to either commit to a firm offer or abandon the idea. Currently, Emirates NBD, holds a 6% stake in Network International. This payment services company has a global presence in over 50 countries, serves a vast customer base of over 150,000 merchants and 200 financial institutions, and manages a total of 18 million payment credentials.
Why it matters
- Network International stated that it is currently reviewing a proposal from Brookfield, which purchased a 60% stake in Magnati, the payments processing business of the First Abu Dhabi Bank, last year. The company plans to release a further statement at a later date, and there is no assurance that Brookfield will make an offer or what the terms of such an offer might be.
