Brookfield to buy Network International for $2.8 billion

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The Canadian investment group reached a deal to pay 400 pence per share in cash, according to a statement on Friday. That represents a premium of about 64 per cent to Network International’s closing price on April 12 — the last business day before the start of the offer period.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.

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 News reported previously. In its statement, Brookfield said 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. Any such combination would create a payments giant in a region where the use of digital wallets is accelerating.

Source: Loan Digest (loandigest.net)

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