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General Atlantic, Warburg acquire stake in Network International

General Atlantic, Warburg acquire stake in Network International
Photo Credit: Arabianeye-Reuters

Dubai-Mubasher: General Atlantic and Warburg Pincus approved acquiring 49% from Abraaj stake in the UAE-based Network International.

Emirates NBD will continue to hold a 51%, according to a statement from Network.

“We are ambitious for concluding this partnership with two leading investment firms - General Atlantic and Warburg Pincus – as well as Emirates NBD,” said Abdulla Qassem, chairman of Network International.

“We are seeing a rapid rise in consumer demand for electronic payments due to the growth in card usage, Internet adoption, and smartphone penetration,” Gabriel Caillaux, managing director of General Atlantic.

Network plans further expansion in the Middle East and North Africa after the acquisition, it said in the statement.