Abraaj-backed Network International buys Indian remittance firm

TimesofMoney was previously 100%-owned by Times Internet Limited, a wholly owned subsidiary of Bennett, Colman & Co. The firm will remain as a minority shareholder and continue to have board representation.

Abraaj acquired a 49% stake in Network International, a card payment processor operating in the Middle East and Africa, for $545 million in December 2010. Emirates NBD remains the majority shareholder with a 51% holding.

"Today's announcement is an important step in the execution of Network International's strategy to become the leading payments player in growth markets," Network International CEO Bhairav Trivedi said in a statement.

"The addition of TimesofMoney to Network International's payments platform marks the company's entry into an exciting product space, expands its market distribution channels across an enhanced geographic and customer base, and enables the combined entity to generate significant synergies across all product groups."

According to Reuters, Trivedi added at a press conference that TimesofMoney had a significant amount of capital set aside and would make lateral acquisitions over the next couple of years to complement its services.

 

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• Topics
• Expansion
• South Asia
• Financials
• India
• Financial Services
• The Abraaj Group