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Canadian investment group Brookfield Asset Management has agreed to buy Middle Eastern credit card processor Network International in the latest high-profile takeover of a public company by private equity.
The deal announced on Friday values the UK-listed company at £2.2bn and represents a 64 per cent premium to Network International’s share price before the start of the offer period. Network International’s directors have backed the offer.
If the transaction is completed, Brookfield plans to combine the business with Magnati, the former payments unit of First Abu Dhabi Bank, in which it bought a majority stake last year.
This is a developing story.
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