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.
