Abraaj Capital unit nabs remittance firm TimesofMoney
DUBAI (Reuters) - Card payment processor Network International, which is owned by Abraaj Capital and Dubai's largest bank, said on Sunday it has bought a majority stake in an online remittance firm held by a unit of India's biggest media group.
Network International Chief Executive Bhairav Trivedi said the purchase of a stake in TimesofMoney, a unit of Times Group, was a prelude to further acquisitions by the Dubai-based firm.
He declined to give the exact size of the stake nor financial terms of the deal but said it was within the industry average of 10-15 times earnings before interest, tax, depreciation and amortisation (EBITDA).
"Our strategy is to become the dominant payments player in the Gulf Cooperation Council, Africa, South Asia and Southeast Asia," Trivedi said at a press conference.
"We have a significant amount of money set aside and we will be active in the next couple of years. When we look at acquisitions, they will be complementary services across these geographies," Trivedi said.
He said the firm was looking for technology in certain areas such as mobile payments, pre-pay cards and home delivery payments.
Network International is 49-percent owned by private equity house Abraaj Capital and 51-percent held by Emirates NBD ENBD.DU.
Dubai-based Abraaj has been expected to offload its stake in the card payment processor, either through a public listing in either London or Hong Kong or a private sale, Trivedi said. However, there were no plans in place at the current time, he added.
Deloitte, FT Advisors Ltd and AZB & Partners advised Network International, while UBS (UBSN.VX), PricewaterhouseCoopers and Nishith Desai Associates assisted Times Internet Limited, TimesofMoney's previous owner.
(Reporting by David French; Editing by Amran Abocar)
- Tweet this
- Share this
- Digg this
- UPDATE 4-Korea ferry businessman's body found next to book, alcohol bottles
- UPDATE 3-Comcast profit boosted by internet subscriber growth, NBC
- Italy gives Google 18 months to change data use practices
- Tamil girl accuses naval personnel of rape, Sri Lanka police say
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
Consumer Confidence Index
More than half of consumers globally expect job prospects to be good to excellent in the year ahead, a survey showed on Tuesday. India overtook Indonesia as the most optimistic consumer market, while Portugal and Slovenia were the most pessimistic. Full Article
India keeps world guessing in countdown to landmark trade pact deadline. Full Article
Yahoo to buy analytics startup Flurry to bolster mobile ad business. Full Article