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Emirates NBD, WP/GA Dubai IV offload 100M Network International shares for £580M

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Emirates NBD, WP/GA Dubai IV offload 100M Network International shares for £580M

Emirates NBD Bank PJSC and Dutch firm WP/GA Dubai IV BV sold an aggregate of 100 million ordinary shares in Dubai-based payments processor Network International Holdings PLC at a price of 580 pence a piece.

The shares were sold to institutional investors via an accelerated book building process and will raise gross proceeds of £580 million, according to stock exchange filing.

Once the transaction completes, Emirates NBD will hold 59.7 million ordinary shares of Network International — representing an 11.9% stake in the company's issued share capital. Meanwhile, WP/GA Dubai IV will own 53.8 million ordinary shares in the firm's capital — amounting to a stake of around 10.8%.

Network International will receive no proceeds from the placing of the shares, which are subject to a 60-day lock-up arrangement, subject to certain exceptions related to existing security arrangements, according to the filing.

Earlier in April, Emirates NBD and WP/GA Dubai IV offloaded 200 million shares in Network International at its IPO in London.