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Tue 12 Aug 2014 06:45 PM

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Goldman, QNB to arrange $800m loan for BR Shetty's Travelex bid

Abu Dhabi-based billionaire BR Shetty said in May he is acquiring a 91% stake in the foreign exchange operator

Goldman, QNB to arrange $800m loan for BR Shetty's Travelex bid

Goldman Sachs and Qatar National Bank (QNB) are arranging a $800 million loan to help Abu Dhabi-based entrepreneur BR Shetty acquire a majority stake in foreign exchange operator Travelex, he said on Tuesday.

"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 October.

The billionaire - who owns UAE Exchange - said the total value of the Travelex acquisition deal, which was announced in May, was about 800 million pounds ($1.34 billion).

He added he would take a 91 percent stake in Travelex, and Abu Dhabi private equity house Centurion Investments would own the remaining 9 percent.

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V Manikandan Padmanabhan 5 years ago

B R Shetty a prominent business personality in Middle East and India having founded the UAE Exchange group, wishing him all success for his new business..