Canada's Brookfield Asset Management (BAM.TO) said on Friday it would buy payments provider Network International (NETW.L) for 2.2 billion pounds ($2.76 billion) in cash, as it expands its payments business in the Middle East and Africa.
The 400 pence-per-share offer represents a premium of about 64% to United Arab Emirates-based Network International's closing price on April 12, the last business day prior to the start of the offer period.
The FTSE 250 (.FTMC) company's shares climbed as much as 6% to a more-than-one-month high of 385 pence in morning trade.
Brookfield made the 400-pence offer in April, topping a 387-pence joint offer from private equity firms CVC Capital and Francisco Partners.
"This combination would potentially create a key platform in the attractive MEA payments space at scale, best positioned to provide a full suite of offerings," it said in a statement.
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