Abu Dhabi: Foreign exchange operator Travelex and UAE Exchange are poised to merge and are planning a stock market listing of the combined company on the Abu Dhabi bourse by the early part of 2017, the chairman of UAE Exchange said on Thursday.
Indian billionaire B.R. Shetty, along with Abu Dhabi private equity house Centurion Investments, agreed in May last year to buy Travelex for about £800 million (Dh4.4 billion, $1.21 billion) from its shareholders including Chairman Lloyd Dorfman and Apax Partners.
“We signed the deal today (Thursday), the acquisition is completed,” Shetty told Reuters by phone from London.
“We have plans to merge the two entities to expand, to grow the business,” adding that a flotation in Abu Dhabi was part of the plans.
