Brookfield emerges as frontrunner for Network as CVC recedes

Brookfield emerges as frontrunner for Network as CVC recedes

Dubai: Brookfield Asset Management has emerged as the frontrunner to acquire London-listed Network International Holdings after interest from a consortium backed by CVC Capital Partners cooled, according to people familiar with the matter. The Canadian investment group is in advanced negotiations with the Middle Eastern credit card processor about a takeover, the people said. Buyout firm CVC and its partner Francisco Partners are not keen to engage in a bidding war for the business, they said, asking not to be identified discussing confidential information. Network International on Thursday extended a deadline for its suitors to either make a firm offer or walk away by about a week to June 9. Bloomberg News reported earlier that Network International was considering granting the extension to an original June 1 deadline as it continued discussions about a possible deal. There can be no certainty that any offers will be made, Network International said in its Thursday statement. In April, Brookfield made a preliminary offer of 400 pence per share for Network International, valuing the business at 2.1 billion pounds and topping an earlier 387 pence proposal from CVC and Francisco Partners. Brookfield has an existing presence in the industry and has been an