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Funds advised by Apax Partners to acquire majority shareholding in Travelex.

Publication: M2 Presswire
Publication Date: 28-FEB-05
Format: Online - approximately 741 words
Delivery: Immediate Online Access

Article Excerpt
M2 PRESSWIRE-28 February 2005-APAX PARTNERS: Funds advised by Apax Partners to acquire majority shareholding in Travelex(C)1994-2005 M2 COMMUNICATIONS LTD

RDATE:28022005

London, UK: Funds advised by Apax Partners today announced an agreement to acquire a majority shareholding in Travelex, the world's largest foreign exchange specialist, in a cash transaction valuing the company at GBP1,055m.

Lloyd Dorfman, who will continue to be Chairman and Chief Executive of the Group, will retain a 30% stake, and 3i, which has held a shareholding in Travelex since 1999, will retain a 7% stake.

Travelex is also pleased to announce that, as a result of its recent strategic review, it will be exploring opportunities to work...

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