Harworth replaces Network International in FTSE 250 after buyout

(Alliance News) - Rotherham, England-based regenerator of land and property Harworth Group PLC has replaced Network International Holdings PLC in the FTSE 250 index.

Network International, a Dubai-based provider of payment products and services, has been bought out by BCP VI Neptune Bidco Holdings Ltd, indirectly owned by Brookfield Business Partners.

On Friday, Network International said it expected the suspension of its shares to occur on Tuesday, which has since taken place.

The acquisition valued Network International at GBP2.2 billion in total, or 400 pence per share.

Network International is replaced in London's FTSE 250 by Harworth, effective Tuesday.

Harworth Chief Executive Officer Lynda Shillaw said: "Entering the FTSE 250 is a significant milestone for Harworth, it's a testament to the dedication of our people and their ability to consistently deliver against our strategic objectives. This achievement highlights our commitment to sustainable growth and the continued support of our shareholders."

The company highlighted its pipeline now includes 9.6 million square feet of consented industrial & logistics space which it expects to deliver up to GBP800 million of gross development value by the end of 2027.

It said: "Harworth remains confident in its strategy to reach GBP1 billion EPRA net disposal value by the end of 2027, and to grow its investment portfolio to GBP900 million by the end of 2029."

For 2023, the company had reported an EPRA net disposal value of GBP663 million, and an investment portfolio of GBP221.4 million.

Harworth shares fell 1.3% to 189.50 pence each on Tuesday morning in London.

By Tom Budszus, Alliance News slot editor

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