UAE,25 May 2014: A proud Indian and Mangalorean Tuluva, well known tycoon B R Shetty based in UAE for decades, announced the acquisition of a leading foreign exchange specialist firm Travelex Holdings, for an undisclosed sum, even as the investment experts put the acquisition price around one billion pounds.
BR Shetty, 72, is buying Travelex from private equity player ’Apax Partners’, Lloyd Dorfman (Founder and Chairman of Travelex) and other shareholders. Though the terms and conditions of the proposed transaction were not disclosed, knowledgeable investment banking sources said that it is a one billion pound deal and in rupee terms it is around Rs 9,500 crore to Rs 10,000 crore.
The terms of this transaction are expected to allow, Lloyd Dorfman be founder and president of Travelex and remain a shareholder. Moreover, Peter Jackson, chief executive officer of Travelex, together with the existing management team, will continue to lead the company it is said.
“I am looking forward to working with Lloyd, Peter and the Travelex team. This is a landmark transaction for Abu Dhabi,” Shetty states in an official release. In deed it is a matter to make Indians and Mangaloreans smile at their fellow B R Shetty.