By Anthony O. Goriainoff
Network International Holdings said Friday that it has reached an agreement over the terms of a takeover proposal from Brookfield Asset Management which values its entire issued and to be issued capital at around 2.2 billion pounds ($2.76 billion).
The FTSE-250 payment company--which focuses on the Middle East and Africa--said separately that following the recommended cash acquisition, it will cancel its previously-announced $100 million share buyback program, effective Tuesday.
In April, Brookfield offered Network shareholders 400 pence in cash for each Network share, topping a joint-takeover proposal from CVC Advisers and Francisco Partners Management, later disclosed as a GBP2.06 billion, or 387 pence a share, offer.
The Brookfield offer implied an enterprise value multiple of around 15.7 times Network's earnings before interest, taxes, depreciation and amortization for 2022, and assumed Network's shareholders won't receive any dividend, distribution or other return of value.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
"network" - Google News
June 09, 2023 at 02:19PM
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Network International Agrees to GBP2.2 Bln Takeover Proposal; Cancels $100 Mln Buyback - MarketWatch
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