Apax acquires majority share in Travelex

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The leading foreign exchange operator's development plans will be boosted by investment form the private equity firm

Apax Partners has acquired a majority share of foreign exchange company Travelex for £1.05bn ($1.98bn). Lloyd Dorfman, who will continue as chairman and CEO of Travelex, will retain a 30% stake and investment firm 3i, which has held a share in Travelex since 1999, will hold a 7% stake.

Dorfman said: "We are delighted with the announcement. I believe the combination of Travelex and Apax will represent a powerful force in the marketplace, and will help us to achieve the ambitious goals we have set for the business."

As a result of a recent strategic review conducted by Deutsche Bank, Travelex also said it would be exploring opportunities with Standard Chartered across its network in Asia, Africa and the Middle East.