Several private equity firms are in the running to buy a minority stake in Network International, the Dubai payment processing business owned by local bank Emirates NBD, according to the Financial Times.
Network International boasts 49 bank customers and 10,000 retailers in the Gulf for its card processing services. In the first quarter it generated revenue of AED104 million.
According to the FT, Dubai-government controlled Emirates NBD is looking to sell a minority stake in the business to fund growth. It is understood to value the unit at between $1 billion and $1.5 billion.
TPG, Abraaj Capital, the Emirates Investment Authority and Silverlake are among the parties to submit bids, says the paper.
Private equity groups are also leading the charge for the Royal Bank of Scotland's WorldPay business and a consortium recently expressed interest in a $15 billion acquisition of FIS although that move appears to now be off.
Bids ready for Network International stake - FT