Network International revises terms of DPO acquisition

Digital commerce enabler Network International said on Thursday that it had revised the terms of its proposed acquisition of DPO Group.

Network said that the co-founders of DPO will now receive approximately 50% of their consideration in Network shares, with a 12-18 month lockup period, but noted that the total transaction consideration and overall mix of cash and shares remained unchanged.

The FTSE 250-listed firm stated it will make a total consideration of approximately $288.0m, with $63.0m being satisfied via the issuance of new shares at 410.0p each.

Network reiterated that DPO was "a highly attractive e-commerce payments business" and added that it had traded "strongly" through 2020, with over 30% year-on-year growth in total processed volume.

As of 0855 BST, Network shares were down 1.42% at 439.20p.