Abu Dhabi’s Centurion Said to Plan Travelex, UAE Merger - Bloomberg Business

Abu Dhabi’s Centurion Said to Plan Travelex, UAE Merger - Bloomberg Business:



"Abu Dhabi-based Centurion Investments plans to merge Travelex Holdings Ltd. with UAE Exchange and sell a stake in the merged entity to the public, two people with knowledge of the matter said.



Saeed Bin Butti’s Centurion, which acquired a majority stake in Travelex with Bavaguthu Raghuram Shetty, is aiming for an initial public offering in 2016 and is talking to banks to appoint an adviser for the deal, the people said, asking not to be identified because the matter is private. The company will probably be listed in the United Arab Emirates, they said.



Apax Partners LLP, one of Europe’s largest private-equity firms, agreed in May to sell its majority stake in Travelex, a retail currency exchange, to Centurion and Shetty, the founder of UAE Exchange. Apax, which had been poised to take Travelex public, bought control of the chain in 2005 in a deal that valued the company at about 1.1 billion pounds ($1.7 billion)."



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