Abraaj Capital unit nabs remittance firm TimesofMoney

DUBAI Sun Nov 25, 2012 4:27pm IST

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

RBI Policy Review

RBI Policy Review

RBI keeps rates on hold, warns on inflation  Full Article 

Monsoon Season

Monsoon Season

India's 2014 monsoon ends with double-digit rain deficit .  Full Article 

Cleanliness Drive

Cleanliness Drive

Modi orders officials to clean loos on Gandhi's birthday.  Full Article 

Bid to Boost Trading

Bid to Boost Trading

RBI takes small steps to deepen markets.  Full Article 

Car Recall

Car Recall

Maruti Suzuki says to recall 69,555 cars.  Full Article 

China Factory Data

China Factory Data

China final HSBC PMI steady in September on stronger global demand but risks remain  Full Article 

Oil Demand

Oil Demand

India's thirst for oil grows even as China cuts back  Video 

EBay Divests PayPal

EBay Divests PayPal

EBay to spinoff PayPal in 2015  Full Article 

New 'Windows'

New 'Windows'

Microsoft names next operating system 'Windows 10'.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage