Network International Holdings is in discussions about a sale.
The provider of digital payment solutions across the Middle East and Africa has received a preliminary and conditional offer from CVC Capital Partners and Francisco Partners Funds — together dubbed “the Consortium” — Network International Holdings said in a Thursday (April 13) press release posted on the Regulatory News page of its website.
“Discussions between Network and the Consortium are ongoing,” the company said in the release. “There can be no certainty that any offer for Network will be made, nor as to the terms on which any offer might be made.”
The Consortium has until May 11 to announce whether it will make an offer or not make an offer, according to the release.
CVC Capital Partners and Francisco Partners Funds did not immediately reply to PYMNTS’ request for comment.
Network International said it issued the press release in response to press speculation.
Bloomberg reported Thursday that Network International has been speaking with advisers about CVC’s takeover interest, that shares of Network rose by as much as 31% on Thursday and that the stock closed 23% higher in London with Network at a market value of 1.6 billion pounds (about $2 billion).
This news comes on the heels of several other developments involving Network International.
On Feb. 10, the payments processor teamed up with biometric technology firm PopID and retailer Carrefour to help the retailer enable face recognition as a means of verifying payments in the United Arab Emirates (UAE).
With that collaboration, customers visiting Carrefour’s stores in Deira and Amsaf can now pay for their shopping by simply smiling at a payment terminal.
A day earlier, on Feb. 9, Network International announced that it had received approval from the Central Bank of Egypt to launch its new “direct-to-merchant” service in the country.
With that service, businesses can accept electronic payments from their customers online and at the point of sale (POS) using a dedicated terminal or tap-on-phone technology.
On Feb. 1, Bloomberg reported that Network International was in advanced talks to purchase UAE lender Mashreqbank’s payment business in a deal that could value the latter at as high as $700 million.
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