A consortium of private equity firms led by CVC Capital and Francisco Partners, has made a bid to acquire payments provider Network International which values the business at about £2.1 billion pounds ($2.56 billion), according to a report by Reuters.
A consortium of private equity firms led by CVC Capital and Francisco Partners, has made a bid to acquire payments provider Network International which values the business at about £2.1 billion pounds ($2.56 billion), according to a report by Reuters.
Shares in the London-listed company jumped by as much as 23% to 370 pence when news of the bid broke, but still someway below the possible offer price of 387 pence per share, which represents an almost 28% premium to Network International’s last closing price.
In a statement, Network International, the largest payment processing firm across the Middle East and Africa, said the latest offer, which comes “after a series of prior ones were rejected”, could be recommended by the board if the consortium, consisting of French and American private equity firms, makes a firm offer by 11 May.
Network International listed in London in April 2019 at an initial public offering price of 435 pence a share, byt fell sharply in 2020 over investors concerns about its acquisition of rival DPO Group.
