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Updated: Times Of India Group Sells Majority Stake In TimesOfMoney To Network International

Update (November 27): TimesofMoney has now officially confirmed that Network International has acquired a majority stake in the company. While the financial details of the acquisition were not disclosed, Network International stated that Times Internet Limited will continue to remain as a minority shareholder in the TimesofMoney with board representation. London based specialist advisory firm FT Advisors Limited, AZB & Partners, and Deloitte acted as advisors to Network International for the transaction while Nishith Desai Associates, UBS, and PriceWaterhouse Coopers acted as advisors to Times Internet Limited. Network International stated that this acquisition will allow them to launch an online remittance service between Gulf Cooperation Council and India as well as introduce new value-added remittances and retail based services in the Indian subcontinent. These services may include improving TimesofMoney’s online merchant acquisition business and entering the white label ATMs and point of sale terminals businesses, as indicated by The Hindu Business Line report. Citing Avijit Nanda, CEO of TimesOfMoney, the report added that Timesofmoney accounted for up to $3.5 billion of the total of $65 billion in remittances into India in FY2011-12. Further, he also mentioned that Network International will retain all the 210 employees at TimesofMoney, post acquisition. Earlier (November 20): Bennett, Coleman and Co. Ltd (BCCL)*, The Times of India Group, has offloaded a majority stake in its remittance services company and digital payments service provider TimesOfMoney to the UAE based Network International LLC, for an undisclosed amount, reports TechCircle. We've contacted Avijit Nanda, CEO of TimesOfMoney, who said that he'll get back with an official response. We'll update this…

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