Brookfield Asset Management has agreed to acquire London-listed Network International Holdings Plc for about £2.2 billion (approximately $2.8 billion) to expand its presence in credit card processing in the Middle East.
Brookfield reached a deal to pay 400 pence (about $45.49) per share in cash, according to Bloomberg News. Brookfield says it sees strategic logic in pursuing a combination of Network International and Magnati, the payments business it took control of from First Abu Dhabi Bank PJSC last year. Brookfield emerged as the frontrunner to acquire the Middle Eastern credit card processor after interest from a consortium including CVC Capital Partners and Francisco Partners cooled, Bloomberg reported.
Network International’s directors were advised by PJT Partners Inc., Citigroup Inc. and JPMorgan. Brookfield was advised by Morgan Stanley.