CVC Is Said in Advanced Talks to Buy Network for £2 Billion - Bloomberg
An investor group backed by CVC Capital Partners is in advanced talks to acquire Middle Eastern credit card processor Network International Holdings Plc for at least £2 billion ($2.5 billion), people with knowledge of the matter said.
The private equity consortium, which also includes Francisco Partners, has made multiple proposals to Network International and discussing a potential offer of around 380 pence per share in recent days, the people said. That would represent about a 56% premium to Network’s last closing price before Bloomberg News revealed takeover interest in the company.
Network has been seeking an offer closer to 400 pence per share, the people said, asking not to be identified because the information is private. Negotiations are ongoing as the buyout firms try to secure a board recommendation for their bid, according to the people.
Shares of Network gained 1% in London trading Friday to close at 303 pence, giving the company a market capitalization of £1.6 billion. Network confirmed April 13 that it received a preliminary proposal from the buyout consortium and was in talks on a potential deal, following a Bloomberg News report on CVC’s interest.
Terms of the potential deal could change, and there’s no certainty the deliberations will lead to a transaction, the people said. A spokesperson for CVC declined to comment, while representatives for Francisco and Network weren’t immediately available to comment outside regular business hours.
Activity has been heating up in the Middle Eastern payments industry. Last year, Brookfield Business Partners LP bought control of First Abu Dhabi Bank PJSC’s Magnati unit in a deal valuing the operation at as much as $1.15 billion. Dubai-based lender Mashreqbank PSC has also been pursuing a sale of its payments business, Bloomberg News has reported.
Sunday, 16 April 2023
#Saudi stocks gain on rising oil prices; #Qatar falls | Reuters
Saudi stocks gain on rising oil prices; Qatar falls | Reuters
Saudi Arabia's stock markets ended higher on Sunday after Friday's rise in oil prices, although the Qatari index extended losses for a second session.
Oil prices - a key catalyst for the Gulf's financial markets - were up on Friday in a fourth straight week of gains after the West's energy watchdog said global demand will hit a record high this year on the back of a recovery in Chinese consumption.
Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 1.2% increase in Al Rajhi Bank (1120.SE), while oil giant Saudi Aramco (2223.SE) added 0.8%.
Saudi Crown Prince Mohammed Bin Salman launched on Thursday four new Special Economic Zones in Saudi Arabia, state media reported on Thursday after the market had closed, citing a statement.
The kingdom will allow 100% foreign ownership of companies in the new economic zones.
In Qatar, the index (.QSI) fell 0.4%, extending losses for a second session, with petrochemical maker Industries Qatar (IQCD.QA) losing 1.5%.
GDP growth in the Middle East and North Africa region will slow to 3.1% in 2023, from 5.3% a year ago, International Monetary Fund (IMF) Middle East and Central Asia department director Jihad Azour said on Thursday.
** Egypt was closed for a public holiday.
Saudi Arabia's stock markets ended higher on Sunday after Friday's rise in oil prices, although the Qatari index extended losses for a second session.
Oil prices - a key catalyst for the Gulf's financial markets - were up on Friday in a fourth straight week of gains after the West's energy watchdog said global demand will hit a record high this year on the back of a recovery in Chinese consumption.
Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 1.2% increase in Al Rajhi Bank (1120.SE), while oil giant Saudi Aramco (2223.SE) added 0.8%.
Saudi Crown Prince Mohammed Bin Salman launched on Thursday four new Special Economic Zones in Saudi Arabia, state media reported on Thursday after the market had closed, citing a statement.
The kingdom will allow 100% foreign ownership of companies in the new economic zones.
In Qatar, the index (.QSI) fell 0.4%, extending losses for a second session, with petrochemical maker Industries Qatar (IQCD.QA) losing 1.5%.
GDP growth in the Middle East and North Africa region will slow to 3.1% in 2023, from 5.3% a year ago, International Monetary Fund (IMF) Middle East and Central Asia department director Jihad Azour said on Thursday.
** Egypt was closed for a public holiday.
#SaudiArabia Transfers Another 4% of Aramco to Wealth Fund - Bloomberg
Saudi Arabia Transfers Another 4% of Aramco to Wealth Fund - Bloomberg
Saudi Arabia’s government transferred a further 4% of energy giant Aramco — worth almost $80 billion — to its sovereign wealth fund.
Crown Prince Mohammed Bin Salman announced the shift in the 4% stake to the Saudi Arabian Investment Company, a unit of the Public Investment Fund, the Saudi Press Agency said. The unit is also known as Sanabil Investments.
The deal will cut the Saudi government’s direct ownership in the world’s largest energy company to 90.18%, SPA said.
Aramco said that “the transfer does not have an impact on the company’s operations, strategy, dividends distribution policy or governance framework.”
Saudi Arabia’s government transferred a further 4% of energy giant Aramco — worth almost $80 billion — to its sovereign wealth fund.
Crown Prince Mohammed Bin Salman announced the shift in the 4% stake to the Saudi Arabian Investment Company, a unit of the Public Investment Fund, the Saudi Press Agency said. The unit is also known as Sanabil Investments.
The deal will cut the Saudi government’s direct ownership in the world’s largest energy company to 90.18%, SPA said.
Aramco said that “the transfer does not have an impact on the company’s operations, strategy, dividends distribution policy or governance framework.”
Mubadala Commits to Invest $2.5 Billion in Clean Fuel in Brazil - Bloomberg
Mubadala Commits to Invest $2.5 Billion in Clean Fuel in Brazil - Bloomberg
Abu Dhabi’s Mubadala Capital plans to invest 12 billion reais ($2.4 billion) over 10 years to build a green diesel and sustainable aviation kerosene factory in Brazil’s northeastern state of Bahia.
The investment will be made through the company’s Acelen unit in Brazil, and the company expects to start production in the first quarter of 2026, it said on Saturday.
The memorandum of understanding was part of several other agreements signed during a state visit of Brazil’s President Luiz Inacio Lula da Silva to Abu Dhabi. He was received by Sheikh Mohammed bin Zayed Al Nahyan, president of the United Arab Emirates, for an iftar — a meal celebrated after sunset during Ramadan.
“I return to the country 20 years later to reinforce the relationship between Brazil and the United Arab Emirates,” Lula wrote on Twitter. “The Emirates is the country in the region that invests the most in Brazil, will host the COP-28 this year and will expand investments in biofuels and renewable energies.”
Abu Dhabi’s Mubadala Capital plans to invest 12 billion reais ($2.4 billion) over 10 years to build a green diesel and sustainable aviation kerosene factory in Brazil’s northeastern state of Bahia.
The investment will be made through the company’s Acelen unit in Brazil, and the company expects to start production in the first quarter of 2026, it said on Saturday.
The memorandum of understanding was part of several other agreements signed during a state visit of Brazil’s President Luiz Inacio Lula da Silva to Abu Dhabi. He was received by Sheikh Mohammed bin Zayed Al Nahyan, president of the United Arab Emirates, for an iftar — a meal celebrated after sunset during Ramadan.
“I return to the country 20 years later to reinforce the relationship between Brazil and the United Arab Emirates,” Lula wrote on Twitter. “The Emirates is the country in the region that invests the most in Brazil, will host the COP-28 this year and will expand investments in biofuels and renewable energies.”
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