The Globe and Mail reports in its Saturday edition that Brookfield Asset Management is buying payments provider Network International for 2.2 billion British pounds ($3.69-billion) in cash, as it expands its payments business in the Middle East and Africa. A Reuters dispatch to The Globe says that the 400-pence-a-share offer represents a premium of about 64 per cent to United Arab Emirates-based Network International's closing price on April 12, the last business day prior to the start of the offer period. Brookfield made the 400-pence offer in April, topping a 387-pence joint offer from private equity firms CVC Capital and Francisco Partners. "This combination would potentially create a key platform in the attractive MEA payments space at scale, best positioned to provide a full suite of offerings," Brookfield said in a statement Friday. The Canadian firm said Network directors intended to unanimously recommend that shareholders vote for the deal. Brookfield, which has more than $5-billion (U.S.) in assets under management in the Middle East, bought a 60-per-cent stake last year in Magnati, the payments business of First Abu Dhabi Bank. First Abu Dhabi Bank will co-invest with Brookfield in the Network acquisition.