MA MasterCard Incorporated

By Adam Clark

Mastercard Inc. (MA) will invest $300 million in Network International Holdings Ltd.'s expected multibillion-dollar London listing as part of a digital-payments push in Africa and the Middle East.

The two companies presented the deal on Tuesday as Dubai-based Network International prepares for the first international public offering in London this year, with a reported valuation of around $3 billion.

Mastercard said it will invest alongside Network International to drive adoption of digital payments in Africa and the Middle East. Network International is the biggest payments processor in the region, handling $40 billion in transactions in 2018.

"We believe that Network International's broad geographic reach will complement our existing activities and help to deliver a deeper and sustained shift from the use of cash and checks. We will continue to partner with stakeholders across the region that help to enhance the electronic payment industry," said Raghu Malhotra, Mastercard's president in Africa and the Middle East.

Mastercard's stake will be capped at 9.99% and the deal is dependent on Network International having a free float of at least 25% when trading begins next month.

Shares will be sold by existing investors, which include Middle Eastern lender Emirates NBD PJSC (EMIRATES.DFM) and private-equity firms Warburg Pincus LLC and General Atlantic LLC.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

March 26, 2019 06:13 ET (10:13 GMT)

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