Network Intl, Middle East and Africa Pyt Processor Plans London Floatation - Private Capital Update

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Monday, March 18, 2019    10:59AM / By Africa Capital Digest  / Header Image Credit: Published Works

 

Network International, a Middle East and Africa payments processor, is planning an IPO on the London Stock Exchange next month. The Dubai-headquartered company had previously been backed by The Abraaj Group before the now-defunct private equity investor sold its 49% stake in a secondary sale to Warburg Pincus and General Atlantic for an undisclosed amount in late 2015. At the time, Emirates NBD, the bank which launched the company, retained its 51% stake.

 

Network International was founded in 1994 and now provides its customers with services across the entire payments eco-system with a focus on Merchant Acquiring services and Issue Processing services. According to the firm’s website, the company has offices in Egypt, Nigeria and South Africa as well as a client presence in a number of African countries,  including Egypt, Botswana, Congo, Ghana, Kenya and Nigeria. There are additional offices in the Middle East.

 

The company, which is not looking to raise any capital through the offering, is expecting to float up to 25% of the company, allowing its existing shareholders to exit part of their holdings. According to the filing the firm generated $298 million in revenue last year, delivering earnings of $152 million.

 

Citigroup is the lead adviser on the IPO, while Goldman, JPMorgan, Emirates NBD Capital, Morgan Stanley and Barclays are acting as bookrunners.

 


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Credits

This post Network International plans London floatation  first appeared in Africa Capital Digest on Mon, Mar 17, 2019. For more information, contact editor@africacapitaldigest.ccsend.com

 

 

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