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Private equity Apax to sell majority stake in Travelex

May 24, 2014

The private equity group Apax is to sell its majority stake in the foreign exchange operator Travelex to Dr Bavaguthu Shetty, the owner of money transfer service UAE Exchange, and to Abu Dhabi firm Centurion Investments.

Apax had previously been planning a London listing of Travelex in May or June this year. The price of the deal was not disclosed, but sources had told Reuters the listing could give Travelex a value of up to pounds 1bn including debt.

The market for listings has cooled in recent weeks, with UK companies from Saga to Card Factory struggling to attract investor interest. Private equity groups also generally opt to sell their investments to other companies where possible, as it allows them to realise their investment in one go.

Travelex, the world's largest foreign exchange specialist, was set up as a bureau de change in 1970s London by entrepreneur Lloyd Dorfman. It trades in over 80 currencies and more than 50 countries.

Shetty owns UAE Exchange, which has more than 6 million money transfer customers in 30 countries, and private healthcare company NMC Health. The private equity house Centurion has made a number of investments in Shetty's businesses. Reuters

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Source: Guardian (UK)

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