(Adds details on acquisition and background on Travelex and
By Stanley Carvalho
DUBAI Aug 12 Goldman Sachs and Qatar
National Bank (QNB) are arranging a $800 million loan
to help Abu Dhabi-based entrepreneur B.R. Shetty acquire a
majority stake in foreign exchange operator Travelex, he said on
"The jumbo transaction has been finalised, we are happy with
the terms," Bavaguthu Raghuram Shetty told Reuters, adding that
the financing was expected to be completed by September or
QNB declined to comment, while Goldman Sachs did not
immediately respond to a request for comment.
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.
It said in May that Shetty and Abu Dhabi private equity
house Centurion Investments would buy the firm from its
shareholders including Chairman Lloyd Dorfman and Apax Partners.
Indian billionaire Shetty, who owns money-transfer service
UAE Exchange, said on Tuesday that the total value of the
acquisition deal was about 800 million pounds ($1.34 billion).
He said he would take a 91 percent stake in Travelex, and
Centurion would own the remaining 9 percent.
Travelex did not immediately respond to a request for
As well as UAE Exchange, which has over 6 million customers
in 30 countries, Shetty owns healthcare company NMC Health
(1 US dollar = 0.5960 British pound)
(Writing by Praveen Menon; Editing by Pravin Char)