Abraaj Capital, a private equity firm based in the United Arab Emirates, will pay 2 billion UAE dirhams ($539 million) for a 49% stake in Network International, Reuters reported. Network International is a subsidiary of Dubai-based lender Emirates NBD. The deal is expected to close during the first quarter of 2011.
(Reuters) – Dubai-based lender Emirates NBD will sell a 49 percent stake in its subsidiary Network International for 2 billion UAE dirhams ($539 million) to UAE-based private equity firm Abraaj Capital, a statement said on Wednesday.
The sale is expected to be finalised in the first quarter of 2011, it said.
At least three private equity firms had bid for a stake in Network International, a payment company, sources told Reuters in July.
(Reporting by Rachna Uppal; Editing by Humeyra Pamuk)