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Abraaj takes 49% stake in Network International for $539m

Dubai-based private equity firm in deal with Emirates NBD subsidiary, to close in first quarter
Dubai-based Abraaj Capital manages around $6.6bn
By Joanne Bladd
Wed 22 Dec 2010 05:09 PM

Abraaj
Capital, a Dubai-based private-equity firm that manages around $6.6bn, is to
buy a 49 percent stake in credit-card processing company Network International in
a transaction valued at around AED2bn ($539m).

Abraaj Capital
will buy the stake from Dubai-based lender Emirates NBD, the firm said in an emailed statement on
Wednesday.

The
deal remains subject to regulatory approval, but is expected to close in the
first quarter.

At
least three private equity firms were reported to have bid for a stake in
Network International.

Mustafa
Abdel Wadood, CEO of Abraaj Investment Management, said the credit-card firm
was well-placed to benefit from a regional shift from cash to electronic-based
transactions.

“[it
is] is ideally positioned to… capitalise on the massive growth potential of the
region in light of the current under-penetration of payment cards,” he said.

Emirates
NBD was advised by Morgan Stanley & Co. International and Dewey &
LeBoeuf, and Abraaj Capital by FT Advisors and Allen & Overy.

 

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Last Updated: Thu 26 Jan 2017 01:27 PM GST

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