Stock - Network International
Brookfield has an existing presence in the industry and has been an active investor in the Middle East. Image Credit: Bloomberg

Dubai: Canada’s Brookfield Asset Management said on Friday it has reached an agreement with payments provider Network International for cash offer of 2.2 billion pounds ($2.76 billion).

The 400 pence-per-share offer represents a premium of about 64 per cent to Network International stock’s closing price on April 12, the last business day prior to the start of the offer period.

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Brookfield in April had put forward the 400 pence per share offer, topping the 387 pence in the joint proposal from private equity firms CVC Capital and Francisco Partners.

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 with the balance of its equity investment.