Card payment processor Network International, which is owned by Abraaj Capital and Dubai's largest bank, said on Sunday it has bought a majority stake in an online remittance firm held by a unit of India's biggest
media group.
Network International Chief Executive Bhairav Trivedi said the purchase of a stake in TimesofMoney, a unit of India's Times Group, was a prelude to further acquisitions by the Dubai-based firm.
He declined to give the exact size of the stake nor financial terms of the deal but said it was within the industry
average of 10-15 times earnings before interest, tax, depreciation and amortisation (EBITDA).
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