Under the agreement, the Toronto-based asset management company will pay 400 pence per share in cash for the Dubai-based payment provider, which is listed on the London Stock Exchange. It represents a premium of approximately 64 per cent to Network’s closing price on April 12, the last business day prior to the start of the offer period, according to a filing. (The Logic)
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Under the agreement, the Toronto-based asset management company will pay 400 pence per share in cash for the Dubai-based payment provider, which is listed on the London Stock Exchange. It represents a premium of approximately 64 per cent to Network’s closing price on April 12, the last business day prior to the start of the offer period, according to a filing. (The Logic)
Talking point: Brookfield said the acquisition will give the firm a strong position in the quickly growing Middle East and Africa payments space. It plans to combine Network with Magnati, a payments business Brookfield bought a 60 per cent stake in from First Abu Dhabi Bank in early 2022, to create a major platform. Brookfield’s control of Magnati gave it an advantage over an earlier 387-pence per share bid from Luxembourg-based CVC Capital Partners and San Francisco-based Francisco Partners, according to Bloomberg.
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