20 March 2023
Payments provider Network International completes DPO acquisition
Apis Partners portfolio company DPO Group has today announced completion of the acquisition by Network International. We are proud to have partnered with and supported the team at DPO throughout this fantastic journey, which has positively impacted hundreds of thousands of lives across 21 countries in Africa.
DUBAI, Sept 29 (Reuters) – Payments provider Network International (NI) on Wednesday said it had completed the acquisition of rival DPO, adding a network of over 60,000 merchants across 21 countries in Africa.
NI expected the takeover, worth a total consideration of $291.3 million, to close in the fourth quarter last year but later revised the date to the third quarter of this year. The delay was partly due to scrutiny of links between DPO unit AconaOnline (AO) and collapsed payment processor Wirecard. NI bought AO from former Wirecard executive Dietmar Knoechelmann in 2013. Dubai-based NI has said that Knoechelmann was a director of AO before DPO purchased it.
Investors concern over the proposed deal and a wider COVID-19 selloff wiped out half of NI’s market value last year.