|By TAP Staff| Network International, the credit card processing company owned by Emirates NBD and Abraaj Group is set to launch an IPO. According to sources, the offering would happen in the fourth quarter or in early 2016. The business is expected to be valued at more than $1 billion.
Abraaj bought 49 percent of Network International from Emirates NBD for about 2 billion dirhams ($545 million) in late 2010. The unit serves about 70 banks and financial institutions in the Middle East and Africa and more than 17,000 individual merchants, according to information on Abraaj’s website. The company also manages one of the region’s most extensive ATM networks. Emirates NBD retains a 51 percent stake.
Abraaj and Helios Investment Partners were among potential bidders for Actis LLP’s payment services firm Emerging Markets Payments Group, people familiar with the matter said in March.
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