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CVC and Francisco Partners table bid for Network International

A private equity consortium including CVC Capital Partners and Francisco Partners has made a “preliminary and conditional” bid for emerging markets-focused payments company Network International, according to a report by Private Equity News.

Shares in Network International closed up 23.1%, or 56½p, at 300p, valuing the company at £1.6 billion, still below its float price of four years ago.

In a statement, the Dubai-based FTSE 250 payment-processing company, the largest in the Middle East and Africa, confirmed that discussions between Network and the consortium are ongoing.

The news emerged amid a flurry of private equity-backed overseas takeover bids for mid-cap UK-listed companies this week, after the pound weakened last year against the dollar.

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