Emirates NBD, Abraaj Said to Weigh IPO of Payments Unit - Bloomberg Business

Emirates NBD, Abraaj Said to Weigh IPO of Payments Unit - Bloomberg Business:



"Emirates NBD PJSC, Dubai’s largest lender, and buyout firm Abraaj Group are considering an initial public offering of credit-card processing unit Network International LLC, according to three people with knowledge of the matter.



The business, one of the largest payment processing firms in the Middle East and North Africa, would be valued at more than $1 billion in an IPO, the people said, asking not to be identified as the information is private. The share sale would take place in the fourth quarter or in early 2016, the people said, with the two firms yet to appoint financial advisers.



Abraaj bought 49 percent of Network International from Emirates NBD for about 2 billion dirhams ($545 million) in late 2010. The unit serves about 70 banks and financial institutions in the Middle East and Africa and more than 17,000 individual merchants, according to information on Abraaj’s website. The company also manages one of the region’s most extensive ATM networks. Emirates NBD retains a 51 percent stake."



'via Blog this'