U.S. payments firm Mastercard Inc. will invest $300 million in the IPO of Network International LLC, a Dubai-based payments company set to float in London.
The cornerstone investment terms will be the same as for institutional investors of the IPO. But the deal is subject to a 9.99% ownership limitation, a 24-month lockup period and a 36-month standstill to not acquire additional shares without the approval of Network International's board.
The transaction is subject to an IPO with an institutional free float of at least 25%.
The United Arab Emirates-based company is targeting a valuation of approximately $3 billion, Reuters reported March 26, citing sources.
The two firms will also strategically partner to support and accelerate the development of electronic payments in Africa and the Middle East.