Payments company Network International said it had sold its 50% stake in Transguard Cash for $74m (£54.6m).
Transguard Cash provided end-to-end ATM and cash-management services for banks and retailers in the UAE “which as an entirely cash focused business, is not aligned with the group’s digital payments strategy” Network said on Wednesday.
The stake was sold to Transguard Group.
“The exit enables a greater focus of our business activities to our digital payments purpose; and proceeds from the sale will be deployed in the future to higher growth and value enhancing opportunities,’ Network International said in a statement.
“We remain focused on the multiple opportunities for organic growth in our fast-accelerating markets. It is therefore our expectation that the loss of the Group’s share of EBITDA from TG Cash will be replaced, through the future deployment of funds into new value enhancing opportunities. Our overall financial outlook for 2022 and onwards is therefore unchanged.”
