13th Apr 2023 14:33
(Alliance News) - Network International Holdings PLC on Thursday said it has received a preliminary takeover proposal from a private equity consortium.
Shares in the Middle East and Africa-focused payments provider jumped 27% to 310.00 pence each in London on Thursday afternoon. It has a market capitalisation of GBP1.65 billion.
It said it has received a "preliminary and conditional" takeover proposal from private equity firm CVC Capital Partners Ltd and tech-focused investor Francisco Partners Funds.
"Discussions between Network and the consortium are ongoing. There can be no certainty that any offer for Network will be made, nor as to the terms on which any offer might be made," the company added.
The consortium has until the close of play on May 11 to announce when or not it plans to make a firm offer.
Network International's statement confirms an earlier report by Bloomberg.
By Eric Cunha, Alliance News news editor
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