Canada’s Brookfield offers to buy Dubai-based Network International for $2.76bln


Canada’s Brookfield offers to buy Dubai-based Network International for $2.76bln

Canada's Brookfield Asset Management has reached an agreement with Dubai-based Network International to buy the payments provider for a cash offer of 2.2 billion pounds ($2.76 billion) for the entire issued and to be issued share capital.

The Brookfield offer implies an enterprise value multiple of approximately 15.7 times Network's EBITDA for the financial year ended 31 December 2022, the companies said in a regulatory disclosure on the London Stock Exchange, where Network shares trade.

London Stock Exchange-listed Network's shareholders are entitled to receive 400 pence in cash for each Network Share held, representing a premium of about 64% to its closing price on April 12, the last business day prior to the start of the offer period.

Network shares are trading nearly 6% higher at 384.40 pence on Friday morning at 9 a.m.

Sir Ron Kalifa, Chairman of Network, said the offer represents an opportunity for Network shareholders to "crystallise, in cash, the value of their investments at a significant premium."

"The Board has carefully considered the Brookfield offer in the context of the long-term growth prospects and opportunities available to the business, balanced against the current challenges and uncertainty in the global macroeconomic environment and the expected timeframe that would be required to