Warburg Pincus, General Atlantic, and Emirates NBD Raise USD706 Million in Sale of Partial Stake in Network International
Posted On: 05 Sep 2019 | Source(s): London Stock Exchange | Date: 5 September 2019
Global private equity fund managers Warburg Pincus and General Atlantic, along with Dubai-based financial services group Emirates NBD Bank, have sold 100 million shares in UAE-based payment services provider Network International at GBP5.8 (approximately USD7) per share, returning GBP580 million (approximately USD706 million). Warburg Pincus and General Atlantic originally invested in Network International in 2015, jointly acquiring a 49 percent stake from the Abraaj Group. The firms disposed of a 24.5 percent stake during the company’s April 2019 IPO, selling 122 million shares at GBP4.5 (USD5.9) per share and returning GBP549 million (approximately USD717 million). After this latest transaction, Emirates NBD retains an 11.9 percent stake in the company while Warburg Pincus and General Atlantic jointly retain a 10.8 percent stake.