Abraaj to Buy $545 Million Emirates NBD Unit Stake
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Abraaj Capital Ltd., a Dubai-based private-equity company that manages $6.6 billion, agreed to buy a 49 percent stake in Emirates NBD PJSC’s credit-card processing unit for about 2 billion dirhams ($545 million).
Abraaj will purchase the stake in Network International LLC through Abraaj Financial Technologies Holding Ltd. and help it expand, the company said in an e-mailed statement today. Emirates NBD, the United Arab Emirates’ biggest bank by assets, will help fund the deal, which is expected to be completed in the first quarter, according to the statement.