Network International Valued at GBP2.18 Billion in Mastercard-Backed IPO
April 10 2019 - 3:59AM
Dow Jones News
By Adam Clark
Network International has priced its initial public offering at
2.18 billion pounds ($2.85 billion) as it lists on the London Stock
Exchange.
The Dubai-based payment-processor priced its shares at 435 pence
a share when conditional dealings began on Wednesday. Network
International initially set its range at between 395p and 465p a
share at the beginning of April.
Shares rose to 513.10 pence in early trades in London, according
to FactSet.
Mastercard Inc. (MA) has already committed to taking a 10% stake
as part of a digital-payments push in Africa and the Middle East.
The U.S. card company's investment is subject to a 24-month lockup
period and a commitment not to buy further shares without Network
International's approval for three years.
Existing shareholders Emirates NBD Bank PJSC and U.S. private
equity firms Warburg Pincus and General Atlantic will sell an
additional 200 million shares, or a 40% stake, on top of the
Mastercard investment.
"The Middle East and Africa are at an early stage in the shift
from cash to digital payments and our new listing on the London
Stock Exchange will enable all new shareholders to benefit from
this structural growth opportunity," Chief Executive Simon Haslam
said.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
April 10, 2019 03:44 ET (07:44 GMT)
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