Canada's Brookfield to buy Network International in £2.2bn deal

Payments provider Network International said on Friday that it has agreed to be taken over by Canada’s Brookfield Asset Management in a £2.2bn deal.

Under the terms of the transaction, Network shareholders will be entitled to receive 400p in cash for each of their shares. This represents a premium of around 64% to the closing share price on 12 April, which was the last business day prior to the start of the offer period.

Brookfield said the company, which operates mainly in the Middle East and Africa, is a "strong strategic fit".

Network International chairman Ron Kalifa said: "The board has carefully considered the Brookfield offer in the context of the long-term growth prospects and opportunities available to the business, balanced against the current challenges and uncertainty in the global macroeconomic environment and the expected timeframe that would be required to generate a similar level of value creation for Network shareholders.

"The Brookfield offer represents an opportunity for Network shareholders to crystallise, in cash, the value of their investments at a significant premium."