(Alliance News) - Emirates NBD Bank PJSC and WP/GA Dubai IV BV have sold 100 million shares in Network International Holdings PLC through a placing, significantly higher than previously announced, joint bookrunner Citigroup Global Markets Ltd said Thursday.
The investors have sold the shares in the payments solutions business at 580 pence each, raising proceeds of GBP580 million in total. Network International will not receive any proceeds from the placing.
Shares in Network International were down 8.5% at 574.00 pence each on Thursday morning.
Citigroup Global Markets late Wednesday said the shareholders would sell 85 million shares in total via an accelerated bookbuild process.
Following the sale of 100 million shares, Emirates NBD Bank owns 59.7 million shares, or a 12% stake, in Network International. WP/GA Dubai IV owns 53.8 million shares, or an 11% stake.
Emirates NBD Capital Ltd, JP Morgan Securities PLC and Morgan Stanley & Co International PLC also served as joint bookrunners in relation to the placing.
Network International (NETW)