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UAE: Abu Dhabi investment firm said to plan forex merger

By  |  January 29, 2015

Foreign currency exchange firm Travelex will be merged with money transfer company UAE Exchange and listed in Abu Dhabi by early on in 2017, new owner Bavaguthu Raghuram Shetty said on Thursday.

Travelex, the world’s largest foreign exchange specialist, was set up as a bureau de change in the 1970s and now trades in over 80 currencies and more than 50 countries.

The Indian-born billionaire along with Abu Dhabi private equity house Centurion Investments agreed last year to buy Travelex for about $1.2 billion from private equity firm Apax Partners and founding chairman Lloyd Dorfman.

“We signed the deal Thursday. The acquisition is completed,” Shetty told Reuters by phone from London.

Full Content: Arabian Business.com

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