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Network International acquires majority stake in TimesofMoney
- United Arab Emirates: Monday, November 26 - 2012 at 05:43
UAE-based card payment processor Network International has said it has acquired a majority stake in an online remittance firm held by a unit of India's biggest media group, Reuters has reported. The company, which is owned by Abraaj Capital and Emirates NBD, said the purchase of a stake in TimesofMoney, a unit of Times Group, was a prelude to further acquisitions by the Dubai-based firm. Bhairav Trivedi, the chief executive of Network International, declined to give the exact size of the stake nor financial terms of the deal but said it was within the industry average of 10-15 times earnings before interest, tax, depreciation and amortisation (EBITDA).
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