Markets: Live

Network International accepts £2.2 billion bid

Network deal

Network International Holdings, which provides technology-enabled payments solutions to merchants and financial institutions, has accepted a £2.2bn bid from Brookfield Asset Management.

The offer from the Canadian asset manager values each Network share at 400p, an enterprise value multiple of around 15.7 times EBITDA for the financial year ended December 31, 2022.

Network said it considered the terms “fair and reasonable,” while Brookfield said it considered Network to be a strong strategic fit.

Global markets

On Wall Street, the Dow Jones Industrial Average closed up 0.5%. The S&P 500 closed 0.6% higher. The Nasdaq Composite was up 1%.

A weaker than expected inflation reading in China should support sentiment with the consumer price index rising 0.2% on-year, below forecasts for growth of 0.3%.

CMC Markets analyst Michael Hewson said the inflation report “raises the prospect of further easing from the Chinese central bank”.

Asian markets were higher. In Tokyo, the Nikkei 225 was up 1.7%. In China, the Shanghai Composite rose 0.1%, while the Hang Seng in Hong Kong added 0.5%.

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