Network International, a payment solutions business based in the Middle East and Africa backed by private equity firm Warburg Pincus and General Atlantic, has boosted its payments presence in Africa and the Middle East after buying a rival payments business.

Network International acquired Emerging Markets Payments (EMP) from private equity group Actis in a deal worth $340 million. The deal comes as payment service companies have become an increasingly attractive source of investment for private equity firms in the last couple of years, with a number of firms completing highly profitable exits.