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Dubai’s ENBD to sell 49 pct stake in Network Intl to Abraaj
The sale is expected to be finalised in the first quarter of 2011.
December 22, 2010 4:10 by Reuters
Dubai-based lender Emirates NBD will sell a 49 percent stake in its subsidiary Network International for 2 billion UAE dirhams ($539 million) to UAE-based private equity firm Abraaj Capital, a statement said on Wednesday.
The sale is expected to be finalised in the first quarter of 2011, it said.
At least three private equity firms had bid for a stake in Network International, a payment company, sources told Reuters in July.
(Reporting by Rachna Uppal; Editing by Humeyra Pamuk)