UAE-based Network International buys majority stake in TimesofMoney

Times Group company Times Internet Ltd has recently sold a majority stake in digital payment service providing subsidiary TimesofMoney Ltd to Network International of the UAE for an undisclosed amount.

Speculations regarding the deal had been rife earlier this year and it is estimated that BCCL is exiting the company at a premium close to Rs 800-1,000 crore.

This is the first transaction of the Times Group (also referred as Bennett, Coleman and Co. Ltd or BCCL) in the financial technology sector. Nishith Desai Associates acted as the legal advisor for this transaction.

TimesofMoney's services include online remittances, fortified domestic e-payment mechanisms and facilitated remittance solutions of banks. The company provides its various services through Remit2India, Remit2Home, Window2India, DirecPay and OutRemit.

Established in 1994, Network International is a digital payment solutions provider, operating in the Middle East and Africa. It offers services in credit & debit card processing, ATM management & monitoring, merchant acquiring and consumer finance applications. In addition, it provides consultancy services to plan, design and prepare any new card product or programme. Network International was also the first independent vendor to be certified by both Visa and MasterCard for card payments.

(Edited by Sanghamitra Mandal)