Network International LLC, a credit card payments processing company majority-owned by Dubai’s biggest bank, is evaluating various strategic options including an initial public offering.
Shareholders of the company, Emirates NBD PJSC and buyout firm The Abraaj Group, have not taken a decision yet to proceed with any transaction, Network International said in an e-mailed statement on Tuesday. Further announcements will be made in due course, it said.
The Abraaj Group is working with Bank of America Corp., Goldman Sachs Group Inc., JPMorgan Chase Inc. and Egyptian investment bank EFG-Hermes Holding SAE on a planned IPO of Network International, people with knowledge of the matter said in June. Emirates NBD may decide to retain its 51 percent stake, which could be valued at as much as $2 billion, they said.
Abraaj bought 49 percent of Network International from Emirates NBD for about 2 billion dirhams ($545 million) in late 2010. The unit serves more than 70 banks and financial institutions in the Middle East and Africa and more than 17,000 individual merchants, according to information on Abraaj’s website. The company also manages one of the region’s most extensive ATM networks.