(Alliance News) - Network International Holdings PLC on Thursday said it is making progress on its proposed acquisition of African fintech group DPO Group and expects the purchase to be completed in the third quarter.
Payments solutions provider Network reported that it has now achieved regulatory approval across the majority of the 19 countries in which DPO operates. Only two countries remain where approvals are outstanding and Network is "constructively engaged" with regulators there.
"The pace and nature of progress in recent weeks has been reassuring. As a result, we now expect completion during the third quarter," the company commented.
DPO has traded strongly and ahead of our expectations during 2021, Network added.
In April, Network noted that it expects to pay USD288 million for DPO, with USD63 million being satisfied via the issue of new shares.
Shares in Network International were up 2.7% at 375.50 pence in London on Thursday morning.
By Will Paige; willpaige@alliancenews.com
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Network International (NETW)