Apax sells Travelex to UAE Exchange owner in $1.7 bln deal

LONDON Fri May 23, 2014 11:31am EDT

LONDON May 23 (Reuters) - Apax is to sell its majority stake in foreign exchange operator Travelex to Dr Shetty, the owner of the UAE Exchange, and Abu Dhabi firm Centurion Investments, the private equity group said on Friday.

The price of the deal was not disclosed, but sources previously told Reuters that the planned IPO of Travelex could give the company an enterprise value of up to 1 billion pounds ($1.7 billion). ($1 = 0.5938 British Pounds) (Reporting by Freya Berry; editing by Anjuli Davies)