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Abraaj Said to Work With BofA, Goldman on Payment Unit IPO

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Buyout firm Abraaj Group is working with Bank of America Corp., Goldman Sachs Group Inc. and JPMorgan Chase Inc. as it plans an initial public offering of its stake in a credit-card processing business, according to people with knowledge of the matter.

Abraaj, which owns a 49 percent stake in Network International LLC, is also being advised by Egyptian investment bank EFG-Hermes on the planned IPO, the people said, asking not to be identified as the information is private. Dubai lender Emirates NBD PJSC may decide to retain its 51 percent stake in Network International, which could be valued at as much as $2 billion, the people said.