Dubai’s Abraaj sells stake in Network International

Dubai-based private equity firm, Abraaj Group, has sold its 49 percent stake in Network International to investment firms Warburg Pincus and General Atlantic, the company said in a statement.

The financial details of the deal were not disclosed.

Emirates NBD will continue to own a 51 percent stake in Network International, the payment solutions provider.

Network International was established in 1994 by the then Emirates Bank, and the Abraaj group acquired a 49 percent stake in the company in 2010.

Following the acquisition by the Abraaj Group, there were plans for an initial public offering of Network International, which were later shelved as the option of direct sale opened up, a report in The National newspaper said, citing Mustafa Abdel-Wadood, partner and global head of Abraaj’s regional funds business.

“We are seeing a rapid rise in consumer demand for electronic payments due to the growth in card usage, internet adoption, and smartphone penetration. Network International is well positioned for growth,” Joseph Schull, managing director and head of EMEA for Warburg Pincus, said in a statement.