TORONTO — Brookfield Asset Management Ltd., together with Brookfield Business Partners, has signed a deal to buy payment processing firm Network International Holdings for about $3.7 billion in cash.
Under the agreement, Brookfield will pay 400 pence per share for the company listed on the London Stock Exchange for a total of about 2.2 billion pounds.
The offer tops a proposal from CVC Advisers Ltd. and Francisco Partners Management LP of 387 pence per share.
Brookfield says it believes Network is an attractive business with a strong position in the large and fast-growing Middle East and Africa payments space.
It noted the company has a diversified and long-standing customer base including more than 150,000 merchants and 200 financial institutions.
Brookfield added that there is potential in a combination of Network and Magnati Sole Proprietorship LLC, a payments company operating in the UAE that is 60 per cent owned by private equity funds managed by Brookfield and 40 per cent by First Abu Dhabi Bank PJSC.
This report by The Canadian Press was first published June 9, 2023.
Companies in this story: (TSX:BAM, TSX:BBU.UN)
The Canadian Press