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Dubai-based payments provider Network International has received a takeover proposal from a consortium of CVC Capital and Francisco Partners regarding a possible cash offer of 387 pence per Network share for the entire issued and to be issued share capital of the company.
The proposal values the London Stock Exchange-listed company at around 2 billion pounds ($2.5 billion), according to a Reuters report.
In a regulatory filing on the exchange, Network, which focuses on the Middle East and Africa, said if a firm offer is made, its board will recommend the proposal to the shareholders.
CVC Capital Partners is a French private equity firm with more than $130 billion as assets under management. Francisco Partners is a global investment firm that specializes in partnering with technology and technology-enabled businesses.
Dubai-based lender Emirates NBD holds 6% in Network International.
The offer from the consortium follows earlier proposals which the payments company had rejected.
Network's shares are trading up 1% at 304 pence on Monday.
(Reporting by Brinda Darasha; editing by Seban Scaria)
