Private equity firms Warburg Pincus and General Atlantic have agreed to purchase a 49% stake in UAE-based payments processor Network International from The Abraaj Group.
Emirates NBD will continue to hold a 51% stake in the company.
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Financial terms of the transaction, which is subject to customary closing conditions, have not been disclosed.
Founded in 1994, Network International provides services across the entire payments ecosystem with a focus on merchant acquiring services. The company has a principal membership agreement with both Visa International and MasterCard.
Network International chairman Abdulla Qassem said: "As Network International enters an exciting new stage in our growth and development across the Middle East and Africa, we are confident that General Atlantic and Warburg Pincus will be invaluable strategic partners given their deep expertise in the payments sector."
Emirates NBD Group CEO Shayne Nelson said: "This is an exciting new phase in the evolution of the business and we look forward to working with the company on its future path to growth."
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By GlobalDataWarburg Pincus managing director and head of EMEA Joseph Schull said: "As the payments sector continues to benefit from long-term structural growth, we are delighted to partner with CEO Bhairav Trivedi, his talented management team and Emirates NBD, to help Network International extend its leadership position across the Middle East and Africa."
