(Bloomberg) -- An investor group backed by CVC Capital Partners is in advanced talks to acquire Middle Eastern credit card processor Network International Holdings Plc for at least £2 billion ($2.5 billion), people with knowledge of the matter said.

The private equity consortium, which also includes Francisco Partners, has made multiple proposals to Network International and discussing a potential offer of around 380 pence per share in recent days, the people said. That would represent about a 56% premium to Network’s last closing price before Bloomberg News revealed takeover interest in the company. 

Network has been seeking an offer closer to 400 pence per share, the people said, asking not to be identified because the information is private. Negotiations are ongoing as the buyout firms try to secure a board recommendation for their bid, according to the people. 

Shares of Network gained 1% in London trading Friday to close at 303 pence, giving the company a market capitalization of £1.6 billion. Network confirmed April 13 that it received a preliminary proposal from the buyout consortium and was in talks on a potential deal, following a Bloomberg News report on CVC’s interest. 

Terms of the potential deal could change, and there’s no certainty the deliberations will lead to a transaction, the people said. A spokesperson for CVC declined to comment, while representatives for Francisco and Network weren’t immediately available to comment outside regular business hours. 

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.

--With assistance from Archana Narayanan.

(Updates with background in final paragraph.)

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