Dubai firm buys unit of India’s biggest media business

Dubai based Network International, the credit-card processing company which private equity firm Abraaj Capital has a stake in, has bought a subsidiary of India’s largest media house, it was reported on Wednesday. Network International (NI) has bought TimesofMoney, which is a digital payment service provider and a subsidiary of Bennett, Coleman and Co, India’s largest media house, popularly known as the Times Group Company. Sources told Mumbai-based Business Standard the sale was part of the media company’s restructuring ahead of its planned initial public offering, which is due to be formally announced in the next fortnight. Dubai-based private equity firm Abraaj Capital bought a 49 percent stake in NI in December 2010 for AED2bn (US$539m) from UAE lender Emirates NBD. By / Arabian Business