Mastercard to back IPO of Warburg Pincus's Network International
Mastercard has agreed to make a $300m cornerstone investment in the upcoming IPO of Warburg Pincus portfolio company Network International, a Dubai-headquartered payments processing business, listing on the London Stock Exchange.
The flotation is scheduled to take place in April, with the prospectus and offer price yet to be made public. However, Mastercard and all other institutional investors are subject to a 9.99% ownership limit.
The business has also announced that it will form a partnership with Mastercard that will see the credit and debit card company using the platform to make payments and investments, with the aim of helping product development and expansion into complementary market verticals.
Warburg Pincus first invested in Network International in 2015.
The flotation will consist exclusively of existing shares. Citigroup Global Markets, Emirates NBD Capital, JP Morgan Cazenove, Morgan Stanley, Barclays Bank, Goldman Sachs, Liberum Capital and Evercore Partners are advising on the listing.
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