Brookfield Asset Management has won its payments race. The Canadian investment group’s 2.2 billion pound bid for London-listed payments provider Network International was enough to see off a rival pitch from CVC and Francisco Partners. The difference? A little help from deep-pocketed Middle East investors.
With debt costs higher and financers wary, Brookfield has been able to share an unspecified amount of the deal’s equity check with First Abu Dhabi Bank
, Mubadala, a subsidiary of Abu Dhabi Developmental Holding Company and a unit of Saudi Arabia's Olayan. They’ve also endorsed a plan to merge Dubai-based Network International with domestic peer Magnati, a former unit of FAB. The synergies from that union explain why the consortium could bid more. It looks a prize worth winning. If Network International alone can grow revenues at a 15% annual clip and reach a margin of 44% from the current 41%, EBITDA could hit $388 million by 2028. This should be doable since the Middle East is seen as the world's fastest-growing real-time payments market, with transactions set to grow from $675 million in 2022 to $2.6 billion by 2027,to ACI Worldwide. Assuming Brookfield funds a quarter of the overall 2.
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