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Emirates to sell Network International stake

Emirates NBD is to sell a stake in its payments solutions subsidiary Network International to UAE-based private equity firm Abraaj Capital. Under the terms of this agreement, Abraaj Capital, through Abraaj Financial Technologies, is to acquire a 49% stake in Network International for around Dhs2bn ($539m), which includes a sum contingent upon attainment of profitability targets and a portion financed by Emirates NBD as is normal in such transactions.