Network International in talks over potential £2bn sale to PE consortium
Dubai-based paytech Network International has been approached about a potential takeover by a consortium of investors which includes French private equity firm CVC Capital Partners and global tech investment firm Francisco Partners.
Network International considers potential sale
Network International says the consortium has proposed a potential cash offer of 387 pence per share for its entire issued and to be issued share capital, valuing the firm at over £2 billion ($2.5 billion).
In a statement, the company says the consortium has until 11 May to announce its “firm intention” with respect to making an offer, adding that there can be “no certainty that an offer will be made”.
The company adds the proposal will be recommended to its shareholders should a firm offer be made, subject to agreement of terms and conditions. Its board has also agreed to provide the consortium “with access to confirmatory due diligence”.
The takeover proposal follows a series of prior proposals to acquire Network from unspecified parties which the company rejected.
Founded in 1994, Network International operates across Middle East and Africa, providing payment solutions to businesses in the region. The company, which was established as a subsidiary of Emirates Bank (now Emirates NBD), listed on the London Stock Exchange in 2019.
