Linklaters has advised Brookfield on its recommended cash offer for Network International Holdings plc (“Network”). The offer values the issued share capital of the Middle East and Africa payments business at approximately £2.2billion (the “Offer”).
Following completion of the Offer, Brookfield intends to pursue a potential combination of Network and Magnati (a payments company operating in the UAE, 60 per cent. owned by private equity funds managed and/or advised by affiliates of Brookfield and 40 per cent. by First Abu Dhabi Bank PJSC (“FAB”)). Brookfield invested in Magnati in 2022.
Equity financing for the Offer is being provided by Brookfield together with FAB, Aerospace Holding Company LLC and MREI The Wave Holding RSC Ltd. (which are subsidiaries of Mubadala Investment Company PJSC), ADQ Developmental Holding LLC (which is a subsidiary of Abu Dhabi Developmental Holding Company PJSC) and Hana Investment Co. W.L.L. (a subsidiary of Olayan Financing Company).
The Offer is further supported by committed funding from Abu Dhabi Commercial Bank PJSC, First Abu Dhabi Bank PJSC, Standard Chartered Bank (Hong Kong) Limited, and Standard Chartered Bank, UAE Branch.
The Linklaters cross-practice team was led by financial sponsor/M&A partners Ben Rodham (London), Chris Boycott (London) and Scott Campbell (Dubai).
- Also advising on the M&A workstreams were managing associates Rupert Cheyne, Ksenija Brajovic, Stu Peters, and associates Frances Hibbert, Damini Bhatnagar, Claudia Greig, Nafeesa Bukhari, Tibi Sandu and Tala Alhreish
- Advising on the financing of the deal were partners, David Irvine (London), Kieron Zaman (Dubai), managing associate Imogen Bailey and associates Stefan Vujacic and Amrit Singh Gill
- Advising on antitrust and foreign investment were partner Natura Gracia, counsel Mark Daniel, managing associate, Maria Ziprani and associate Sudheera Koduru
- Advising on the regulatory aspects on the deal were partners Reem Alsayegh and Harry Eddis and managing associate, Olivia Murphy
- Advising on employment and incentives partner Cara Hegarty, counsel Simon Kerr-Davis and managing associate, Sarah Collister
This is the latest in a series of high-profile public-to-private transaction completed by the Linklaters financial sponsors team. Recent transactions include:
- Brookfield Infrastructure on its £4bn recommended offer for HomeServe
- The Global Infrastructure Partners and Blackstone consortium on its $4.7bn offer for Signature Aviation
- Hg on its £1.06bn recommended cash offer for Ideagen
Linklaters’ Tier 1 public M&A practice completed more firm offers in 2022 than any other firm.
