Helios said to be working with Citigroup to sell Nigeria's Interswitch

Mitchell Elegbe, Founder & CEO, Interswitch

Helios Investment Partners, an Africa-focused private equity firm, is preparing to sell Nigerian payments-processing group Interswitch Ltd. in a deal that could value the company at more than $1 billion, people with knowledge of the matter said.

The buyout firm is working with Citigroup Inc. to run a sale process for Interswitch, said the people, who asked not to be identified because the information is private. Helios paid $92 million for a 52 percent stake in Interswitch in 2010, according to its website.

The company, which processes payments for banks and owns a brand of debit card in Nigeria, is set to attract strong interest from financial sponsors and rivals, the people said. Bloomberg previously reported the company was exploring a dual listing through an initial public offering in London and Lagos.

Read more: Helios Said Working With Citigroup to Sell Interswitch – Bloomberg Business