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).
will buy the stake from Dubai-based lender Emirates NBD, the firm said in an emailed statement on
deal remains subject to regulatory approval, but is expected to close in the
least three private equity firms were reported to have bid for a stake in
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
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.
NBD was advised by Morgan Stanley & Co. International and Dewey &
LeBoeuf, and Abraaj Capital by FT Advisors and Allen & Overy.
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