This archive report was first published on 1 October 2021.
On October 1, 2021, Network International, a global enabler of digital commerce across Africa and the Middle East, announced the finalisation of its acquisition of DPO Group, a leading pan-African payments company.
Headquartered in Dubai and listed on the London Stock Exchange, Network International is a leading pan-regional provider of digital payment solutions. The acquisition of DPO Group will support Network International's capabilities in Africa across online, mobile and alternative payments, as well as providing merchant and MNO relationships and increasing cross-selling opportunities to both DPO and Network International's customers.
As part of the acquisition, DPO Group will continue to operate under the same brand in its existing territories, with all its companies - PayGate, PayFast, and SiD Secure EFT - continuing to operate as normal in South Africa. The acquisition will also see DPO Group expand its presence across Africa and new territories, one of the fastest growing payments markets in the world.
According to Eran Feinstein, CEO of DPO Group, the acquisition is a milestone for DPO and good news for the 60,000-plus active merchants using its platform. 'This deal is a milestone for DPO and good news for the 60,000-plus active merchants using our platform. As part of the Network International group, we can support the business growth of our existing partners, and of new merchants across Africa and the Middle East,' he said.
Network International's Chief Executive Officer, Nandan Mer, commented: 'I am delighted to welcome DPO Group to the Network family. DPO is a strong strategic fit with our business and the acquisition creates a unique combination of innovative online payments technologies, which will accelerate our growth whilst providing significant new capabilities for our established markets.'
The acquisition will see DPO Group's shareholders and executives become key stakeholders in Network International, while DPO Group will retain its executive team and employees. Morgan Stanley acted as financial advisors to DPO on the deal, while ENS Africa were the legal advisors.
