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India-born UAE businessman Dr B.R Shetty has acquired the stakes of foreign exchange firm Travelex for an undisclosed amount. Global media reports, however, peg the deal at $1.7 billion.
Dr Shetty, a well-known entrepreneur and philanthropist, along with UAE-based Centurion Investments has bought the stakes from US-based private equity firm Apax Partners.
“With an attractive growth strategy and an experienced management team, Travelex has demonstrated its ability to execute on strategy to innovate and to deliver strong financial results. I am looking forward to working with Lloyd, Peter and the Travelex team. This is a landmark transaction for Abu Dhabi,” said Dr Shetty, whose principal investment portfolio includes significant holdings in nmc Health plc, UAE Exchange and Neopharma.
He also has investments in hospitality, food and beverage businesses. He is the Founder and Chief Executive Officer of nmc Health plc, the UAE’s largest private sector healthcare provider, which is listed on the London Stock Exchange and is part of the FTSE-250 index.
Post the transaction, Lloyd Dorfman, who is the Founder and Chairman of Travelex, will remain its President and a shareholder. Peter Jackson, Chief Executive Officer of Travelex, together with the existing management team, will continue to lead the company.
Travelex, world’s leading independent retail foreign exchange business, has operations across the breadth of the foreign exchange value chain and a strong culture of compliance and risk management, underpinning its relationships with regulators and wholesale and retail partners. It has a globally diversified geographic footprint, which includes almost 1,500 stores and over 1,300 ATMs in 27 countries.
Following the acquisition, Travelex will continue with its stated growth strategy of increasing depth through expansion of distribution channels and product range; increasing breadth through new country entry; developing the payments business; and building on its scale advantages. Travelex will remain independent and be managed separately from UAE Exchange for the foreseeable future.
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