Brookfield Asset Management Inc., a Canadian alternative asset manager, has agreed to buy payments firm Network International for $2.76 billion in cash. The deal, which is expected to close in the second half of 2023, will give Brookfield a leading position in the global payments industry.
Network International provides payment processing services to merchants in more than 100 countries. The company's customers include banks, retailers, and other businesses. Network International has a strong track record of growth, with revenue increasing by an average of 15% per year over the past five years.
Brookfield is one of the largest alternative asset managers in the world. The company manages assets of over $600 billion. Brookfield has been investing in the payments industry for several years. In 2022, the company acquired First Data Corp. for $22 billion.
The acquisition of Network International is a sign of Brookfield's confidence in the long-term growth of the payments industry. The global payments market is expected to grow by an average of 10% per year over the next five years.
Brookfield plans to integrate Network International into its payments business, Brookfield Payments. The combined company will be one of the largest payments providers in the world. Brookfield Payments will offer a wide range of payment processing services, including credit and debit card processing, e-commerce payments, and mobile payments.
The acquisition of Network International is a significant development for the payments industry. It is the latest in a series of mergers and acquisitions in the industry. In recent years, there has been a consolidation of the payments industry, as large companies have acquired smaller companies.
The consolidation of the payments industry is driven by several factors, including the growth of e-commerce, the increasing use of mobile payments, and the need for companies to invest in new technologies to improve their payment processing services.
The acquisition of Network International by Brookfield is a sign that the payments industry is consolidating. It is likely that there will be more mergers and acquisitions in the industry in the future.