- DUBAI, United Arab Emirates: Mideast private equity firm Abraaj Capital says it’s buying 49 percent of a credit card processing division of Emirates NBD bank for $545 million.
Dubai-based Abraaj says the deal will help speed the expansion of the division, known as Network International.
The companies say Network International handles transactions for about 45,000 credit card machines in the Middle East and Africa, and manages a network of more than 700 ATMs.
Emirates NBD is based in Dubai and is majority owned by the government-run Investment Corporation of Dubai.
The companies expect the deal to be completed in the first quarter of 2011.