#UAE-based Network International confirms takeover offer from Canada’s Brookfield

UAE-based Network International confirms takeover offer from Canada’s Brookfield

UAE-based payments provider Network International has received a $2.7 billion takeover proposal from Brookfield Asset Management, following an offer from CVC Capital and Francisco Partners on Monday.

The London listed firm stated that it has received a highly preliminary, non-binding proposal regarding a possible cash offer of 400 pence per Network share for the entire issued and to be issued share capital of Network.

Private equity firms CVC Capital and Francisco Partners on Monday offered 387 pence per share and have until May 11 to either make a firm offer for the company or walk away.

Last year, Canada-based Brookfield bought a 60% share in the First Abu Dhabi Bank's (FAB) payments processing business, Magnati.

"The Board of Network is currently evaluating the Brookfield Proposal with its financial advisers and a further statement will be made in due course. There can be no certainty that an offer will be made by Brookfield, nor as to the terms on which any offer might be made," Network International said in a statement.

Dubai-based lender Emirates NBD holds 6% in Network International. The payments provider operates in more than 50 countries, serves more than 150,000 merchants and 200 financial institutions, whilst managing 18 million payment credentials, according to its website.