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Network International seeks USD 3bn IPO valuation: Bloomberg
Posted on Thursday, 08 November 2018 13:38
Shareholders of Network International have opted for an initial public offering (IPO) that could value the Middle Eastern payment processor at about USD 3.00 billion, Bloomberg reported, a month after pulling the trigger on a strategic review of options.
People with knowledge of the matter told the news provider Warburg Pincus, General Atlantic and Emirates NBD may seek a partial return by selling a combined 25.0 per cent to 30.0 per cent existing stake.
They have already got the ball rolling on a possible debut in London next year by hiring six investment banks, as well as Evercore as financial advisor.
At the moment, the owners have lined up Citigroup, JPMorgan and Morgan Stanley as global coordinators and Barclays, Goldman Sachs and Emirates NBD Capital as bookrunners, the sources added.
Network International is a leading payment processor in the Middle East and Africa, servicing more than 65,000 merchant partners and 220 financial institutions across 50 countries, according to its website.
Warburg Pincus and General Atlantic came on board in 2015 after acquiring a 49.0 per cent stake from Abraaj Group and sovereign wealth fund Emirates Investment Authority, with Emirates NBD retaining its own 51.0 per cent interest.
A month before the company and its owners announced they were evaluating strategic options, including a possible IPO, sources told Reuters the payment processor was looking into a dual-listing as well as just a single one.
The people, who declined to be named, hinted a first-time share sale could come as early as the second quarter of 2019.
Payment processors that have decided to obtain an international listing include the likes of DLP Pagamentos Brasil’s Cayman Islands-incorporation holding company StoneCo and PagSeguro Digital, both of which debuted in the US.
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