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Brookfield beefs up payments business with $2.76 bln Network International buyout

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Canada's Brookfield Asset Management said on Friday it would buy payments provider Network International for 2.2 billion pounds ($2.76 billion) in cash, as it expands its payments business in the Middle East and Africa.

The 400 pence-per-share offer represents a premium of about 64% to United Arab Emirates-based Network International's closing price on April 12, the last business day prior to the start of the offer period.company's shares climbed as much as 6% to a more-than-one-month high of 385 pence in morning trade.a 387-pence joint offer from private equity firms CVC Capital and Francisco Partners.

The Canadian firm said Network directors intended to unanimously recommend that shareholders vote for the deal. Brookfield said the deal would be financed by a combination of equity investment, as part of which Brookfield Business Partners expects to invest up to about $150 million.

 

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