Our Dubai corporate team has advised the international payment solutions provider Network International LLC ("Network") on the sale of a 70% stake in the payment services and scheme provider Mercury Payments Services LLC ("Mercury") to MPS Holdings Ltd (part of the Unitey Digital group) for c. USD 4.36 million. The remaining 30% interest in Mercury was owned by First Abu Dhabi Bank PJSC, who has exited in parallel to Network. The transaction completed on 14th January 2022. 

Network's exit from Mercury follows swiftly after Network's strategic disposal of its interest in Transguard Cash LLC, which had a deal value of USD 74 million, on which our Dubai corporate team also advised Network.

The Gowling WLG Dubai team, led by Suhail Mirza and supported by Simon Elliott, again worked closely with Network's team, including Neil Pizey (Head of Corporate Development) and Vibhor Verma (Vice President Legal and Company Secretary).

Suhail commented: "We are delighted to have been able to assist Network again in short succession with this strategic disposal of Mercury Payments Services LLC. The payment processing industry in the region is seeing a lot of change with new innovative products being launched, for example "Buy Now Pay Later". Having advised on the formation of Mercury Payments Services LLC, it will be interesting to see how the company and its payment scheme further develops in the hands of its new owners."

This transaction further evidences Gowling WLG's capabilities in the tech and payments sectors.

These transactions for Network reaffirm our Dubai Corporate team's growing reputation in the tech sector and related M&A activity. It is notably supported by a market leading fintech and IP practice both of which are ranked in the Legal 500 and were recently awarded 'TMT Team of the Year' and 'IP Team of the Year' by the Legal Era Awards. Gowling WLG's recent performance in M&A on a global level has also been recognised in Bloomberg's legal advisory league tables.