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UAE-based payments provider Network International has received a $2.7 billion takeover offer from Brookfield Asset Management, following offers from CVC Capital and Francisco Partners on Monday.
The London-listed company said it had received a highly preliminary, non-binding offer to acquire Network’s entire issued and pending share capital, possibly for 400p in cash each.
private equity firm CVC Capital and Francisco Partners It offered 387p a share on Monday and has until May 11 to either make a firm offer for the company or walk away.
Last year, Canada-based Brookfield bought a 60% stake in Magnati, the payments processing business of First Abu Dhabi Bank (FAB).
“The Network committee is currently evaluating Brookfield’s proposal with its financial advisors and will issue a further statement in due course. It cannot be determined whether Brookfield will make an offer, nor the terms of any offer that might be made,” Network International said in a statement. said in a statement.
Dubai-based bank Emirates NBD holds a 6 percent stake in Network International. The payments provider operates in more than 50 countries, serves more than 150,000 merchants and 200 financial institutions, and manages 18 million payment credentials, according to its website.
(Reporting by Seban Scaria; Editing by Daniel Luiz)
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