- Brookfield Asset Management (BAM) has made a counter bid of C$3.6 billion to take over payments provider Network International Holdings (NWKLF)
- This offer tops a joint proposal from CVC Capital and technology investment firm Francisco Partners
- Network International joins a wave of new payment providers coming into the Middle East market, looking to benefit from government and regulatory initiatives
- Brookfield (BAM) shares opened at C$45.17
Canada’s Brookfield Asset Management (TSX:BAM) has made a counter bid of C$3.6 billion to take over payments provider Network International Holdings PLC (OTC Pink:NWKLF).
This offer tops a joint proposal from CVC Capital (ASX:CVC) and technology investment firm Francisco Partners.
Now as Network International evaluates Brookfield’s proposal, the bidding war for the largest payment processing firm across the Middle East and Africa heats up.
Brookfield offered C$6.65 per share versus C$6.43 from the joint proposal.
Shares in London-listed Network International rose more than 11 per cent in early trading on the FTSE.
Network International joins a wave of new payment providers coming into the Middle East market, looking to benefit from government and regulatory initiatives.
Based out of the United Arab Emirates, Network International’s top investors include Capital Research and Mastercard UK, listed in London in April 2019 at an initial public offering price of C$7.23 per share.
Network International provides payment gateways for online merchants. Its website showed it recorded more than C$56.8 billion in processed volumes for over 150,000 merchants in 2021.
Earlier this week, the company stated that it was considering recommending the proposal by the consortium if a firm offer was made.
Brookfield has more than C$6.7 billion in assets under management in the Middle East bought a 60 per cent stake in Magnati, the payments business of First Abu Dhabi Bank (ADX:FAB) last year.
Brookfield Asset Management Ltd. (BAM) provides alternative asset management services through an ownership interest in business. It offers investment products including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors.
The firm also holds $800 billion of assets across renewable, infrastructure, real estate, private equity, credit and others.
Brookfield (BAM) shares opened at C$45.17 and has risen nearly 5 per cent this month, 13.5 per cent since the year began.
