London Stock Exchange listed Network International has completed its acquisition of Nairobi headquartered African Payment Service Provider DPO Group in a deal valued at $288 Million.
The deal, first announced at the end of July 2019, will see the regional enabler for digital commerce enter the East African market.
In a landmark deal for the African payments space, Dubai headquartered Network International has acquired 100 per cent of DPO Group, which will continue to operate under the same brand in existing territories.
Shareholders and executives of DPO Group, which operates in 21 countries across Africa, will become key stakeholders in Network International.
Network International said that DPO Group will retain its executive team and employees.
DPO Group Founding
Founded out of Nairobi, Kenya in 2006 with a strategy to cover the entire African Market, DPO Group has over 60,000 active merchants using its platform.
As part of the deal, DPO is expected to begin operations in new markets both in Africa and the Middle East. DPO will is also expected to unveil a new payment solution, DPO Pay, for businesses in some of Network International’s territories and across the continent.
Morgan Stanley acted as financial advisors to DPO on the deal while ENS Africa were the legal advisors.
READ; Nairobi headquartered DPO Group to be Acquired by Network International for $288 Million
