Network International Is In Talks About £2 Billion Bid

Network International, which is based in Dubai, is in talks with a group run by CVC Capital Partners about a £2 billion takeover bid.

Mastercard is an investor in the London-listed payments company. It has received a non-binding offer for 387p per share, which is a 28% increase from Friday’s close.

The company works in more than 50 countries in the Middle East and Africa. Desktop computers and smartphones are used to handle digital payments for merchants.

Emirates NBD owned 51% of Network International before it was split off as a new company in 2015. Warburg Pincus and General Atlantic bought the other 49% of Network International. In March 2019, Mastercard said it would invest $300 million in the company when it went public on the London Stock Exchange. This would give Mastercard a 9.99 percent stake in the business.

Network confirmed it had several offers previously, but always rejected:

“The proposal follows a series of prior proposals to acquire Network, which were rejected. The proposal is subject to the satisfaction or waiver by the consortium of a number of pre-conditions, including the completion of satisfactory due diligence.”

The board has said that it will support the plan if a firm offer comes in, but owners may want to wait until the bid goes above 400p per share.

The deadline for the group to make a firm bid is May 11.

Mastercard’s investment will give it a stake in the company, making it the fourth largest partner.