UAE-based Network International plans London IPO

Bloomberg/Chris Ratcliffe

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Emirates NBD holds 51 per cent while Warburg Pincus and General Atlantic jointly own the remaining 49 per cent stake in Network International.

Thursday 14, March 2019

(Bloomberg) --Middle Eastern payment processor Network International plans to sell a 25 per cent stake in an initial public offering (IPO) in London and has appointed a Worldpay executive as chairman.

In a statement, Network International stated that expects to be eligible for inclusion in FTSE UK indices and Rohinton Kalifa, who helped develop Worldpay into a global payments company, will take over from Abdulla Qassem.

The company could be valued at about $3 billion in the offering, people familiar with the matter said in November.

The payments firm is working with Citigroup, Emirates NBD Capital as well as JPMorgan Chase Morgan Stanley and Barclays on the planning IPO

Additionally, Network International is also working with Goldman Sachs Group, Liberum Capital and Evercore Partners International on the sale.

Middle Eastern firms have a track record of listing in London. Abu Dhabi’s NMC Health has surged more than tenfold since listing in the UK seven years ago.

Similarly, Al Noor Hospitals Group listed in London in 2013 before being taken over by Mediclinic International and VPS Healthcare hired Rothschild & Company to advise on a potential London listing.

Warburg Pincus and General Atlantic acquired the stake in Network International from troubled private equity firm Abraaj Group and sovereign wealth fund Emirates Investment Authority in 2015.

The Dubai-based company, created as a division of Emirates Bank in 1994, provides services to more than 65,000 merchants and 220 financial institutions.


TAGS : LSE, London IPO, Network International, Emirates NBD, Abraaj Group, Warburg Pincus, General Atlantic

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