Dubai: Network International on Wednesday announced the acquisition of Emerging Markets Payments (EMP) from private equity investor, Actis.

This is the first acquisition made by Network International since Warburg Pincus and General Atlantic invested in the company in December 2015. The financial terms of the transaction were not disclosed.

EMP has an extensive footprint in the Middle East and Africa (MEA), serving more than 35,000 retailers and 130 banks and processing over nine million accounts — all run along four key business lines that including bank processing, merchant acquiring, retailer processing, and ATM services.

The company serves a full range of card schemes including Visa, MasterCard, American Express, Diners Club and China UnionPay.

“We are delighted to announce our strategic investment in EMP,” said Abdullah Qassem, chairman of Network International. “Together, Network International and EMP will be the clear market leader across the Middle East and Africa with a presence across 71 countries. Combined, we have an even greater opportunity to continue to grow our footprint across the GCC and wider MEA region and provide industry-leading services to our merchant, bank and card processing partners as the industry continues to consolidate. We look forward to welcoming the EMP team to our business as we continue along this exciting growth path.”

Network International was advised by Perella Weinberg Partners and Freshfields Bruckhaus Deringer LLP. The transaction is subject to customary closing conditions.

Network International LLC is the largest acquirer in the UAE and a leading payment solutions provider in the Middle East and North Africa region (Mena).

The company’s service offering comprises a comprehensive range of payment products and services for both the issuing and acquiring segments of banks, financial institutions and retail merchants.

“Our acquisition of EMP will enable us to effectively service over 170 banks as clients and more than 70,000 merchants across the MEA. This is a significant milestone in Network International’s expansion plans as we continue to grow in terms of expertise, offering and market share,” said Bhairav Trivedi, CEO of Network International.