(Bloomberg) -- A private equity consortium backed by CVC Capital Partners is in talks about a potential acquisition of Middle Eastern credit card processor Network International Holdings Plc. 

The investor group, which also includes tech-focused buyout firm Francisco Partners, has made a preliminary proposal to take Network private, according to a statement Thursday confirming an earlier Bloomberg News report. 

Network has been speaking with advisers after attracting takeover interest from CVC, people with knowledge of the matter said earlier. Shares of the company rose as much as 31% on Thursday for their biggest intraday gain since November 2020. The stock closed up 23% in London, giving Network a market value of £1.6 billion ($2 billion).

Discussions are ongoing, and there’s no certainty they will lead to a deal, Network said in the statement. The consortium has until 5 p.m. on May 11 to announce whether it plans to make a formal offer. 

Activity has been heating up in the Middle Eastern payments industry. Last year, Brookfield Business Partners LP bought control of First Abu Dhabi Bank PJSC’s Magnati unit in a deal valuing the operation at as much as $1.15 billion. Dubai-based lender Mashreqbank PSC has also been pursuing a sale of its payments business, Bloomberg News has reported.

(Updates with closing shares in third paragraph.)

©2023 Bloomberg L.P.