Dubai-based payment processing business Network International has attracted the interest of five of the world’s best known buyout houses after being put up for auction, Financial News has learned.
U.S. bank Morgan Stanley (MS) has been appointed to carry out the sale of Network International, which processes credit card payments, with second round bids expected in the next few weeks, according to three sources with knowledge of the situation. Network and Morgan Stanley were unavailable for comment at the time of going to press.
Two of the sources said the deal had come down to five bidders-???buyout firms TPG Capital, Warburg Pincus, Bain Capital Partners, Silver Lake Partners and Providence Equity Partners. All parties declined to comment or could not comment by the time the story was published.
The deal’s value remained unknown but Network International’s most recent financial results-??? for 2008-???said its operating revenues rose that financial year to AED386 million (EUR82.8 million), a 35% increase on 2007.
[read more]
