US-based multinational financial service, Mastercard Inc., headquartered in Purchase, NY, had told on Tuesday, the 26th of March that the global payment giant would be investing around $300 million as one of the cornerstone investors for Dubai-based payment processor, Network International.
Network International, the largest payment processing network in Middle East and Africa, had entirely been set to be the first international initial public offerings in London this year.
According to at least two banking sources, the Dubai-based Network International had been aiming at a valuation of $3 billion, while multiple analysts were quoted saying that Network International’s IPO might have surprised the International market.
Network International LLC, a payment solution provider for financial institutions, banks and retailers, is currently owned by private equity firms Warburg Pincus alongside, General Atlantic and Dubai bank Emirates NBD.
None the less, officials from Mastercard Inc. said that the company investment would be based on the same terms, as other institutional investors participating in the Initial Public Offering. Multiple officials of the credit and debit card processor, merchant service manager and ATM management and monitoring provider, Network International LLC, founded in 1994, had been quoted saying that they were expecting as little as $3 billion.