UK buyout firm Apax mulls Travelex exit -sources
Apax Partners is mulling the sale of its interest in Travelex, the biggest airport foreign exchange shops operator, within this year. Two sources familiar with the matters said the exit would probably be in the form of an initial public offering (IPO), wrote Financial Times.
The London-based buyout house had sought the services of Goldman Sachs, Rothschild, and JP Morgan to prepare for a stake sale, the report said.
The UK-based foreign exchange firm was estimated to have a value of around £1bn including debt, the sources said. In 2005, Apax bought a controlling stake in Travelex in a deal that valued the firm at more than £1bn including debt, the report detailed.
In 2011, Travelex exited its business payment unit to US-based money transfer specialist Western Union in a deal valued at £606m. The firm had previously sold another smaller division to MasterCard. The UK firm refinanced debt last summer, the report noted.
Founded in 1976, Travelex now trades in over 80 currencies. The company operates1,300 stores across 50 countries, including major airports, Financial Times reported.
Join the Conversation