Network International, a UAE-based payments provider, has received a takeover proposal worth $2.7 billion from Brookfield Asset Management. The proposal comes shortly after a previous offer from private equity firms CVC Capital and Francisco Partners, who have until May 11th to either make a firm offer for the company or withdraw their offer.
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Network International, which operates in over 50 countries and serves more than 150,000 merchants and 200 financial institutions, stated that it is currently evaluating the Brookfield proposal with its financial advisers. However, the company also noted that there can be no certainty that an offer will be made by Brookfield or as to the terms of any potential offer.
Emirates NBD, a Dubai-based lender, holds a 6% stake in Network International. The company manages 18 million payment credentials, according to its website. Last year, Brookfield purchased a 60% share in the payments processing business Magnati, owned by the First Abu Dhabi Bank (FAB).
