June 9 (Reuters) - Canada's Brookfield Asset Management (BAM.TO) said on Friday it would buy payments provider Network International (NETW.L) for 2.2 billion pounds ($2.76 billion) in cash, as it expands its payments business in the Middle East and Africa.
The 400 pence-per-share offer represents a premium of about 64% to United Arab Emirates-based Network International's closing price on April 12, the last business day prior to the start of the offer period.
Brookfield put forward the 400 pence per share offer in April, topping a 387-pence joint offer from private equity firms CVC Capital and Francisco Partners.
"This combination would potentially create a key platform in the attractive MEA payments space at scale, best positioned to provide a full suite of offerings," Brookfield said in a statement.
The Canadian firm said Network directors intended to unanimously recommend that shareholders vote in favour of the deal.
Brookfield, which has over $5 billion in assets under management in the Middle East, last year bought a 60% stake in Magnati, the payments business of First Abu Dhabi Bank (FAB.AD).
The investment firm said the deal would be financed by a combination of equity investment, as part of which Brookfield Business Partners expects to invest up to about $150 million.
Network International operates through two business divisions - the merchant services segment which provides payment gateways for online merchants and outsourced payment services division, where the majority of the revenue is delivered through issuer processing.
Network International, whose top investors include Capital Research and Mastercard UK, listed in London in April 2019 at an initial public offering price of 435 pence a share.
It recorded nearly $46 billion in processed volumes for more than 150,000 merchants in 2022.
($1 = 0.7969 pounds)
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Brookfield buys payments firm Network International for $2.76 bln - Reuters
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