Network International, a Dubai-based payment solutions provider, has agreed to purchase Emerging Markets Payments Group (EMP) for more than $300m to boost its presence in the Middle East and Africa.

The company will acquire EMP from London-based private-equity firm Actis.

Private equity firms Warburg Pincus and General Atlantic have agreed to purchase a 49% stake in Network International from The Abraaj Group.

Emirates NBD will continue to hold remaining 51% stake in Network International.

EMP works with more than 130 banks and 30,000 retailers across 45 countries in the Middle East and Africa. The company offers a range of payments services, such as merchant acquiring, card issuing and network processing.

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