(MENAFN) UAE-based Shetty said that it has signed a USD750 million financing deal to acquire a majority stake in foreign exchange giant Travelex Holdings Ltd, Arabian Business reported
Shetty, which fortune is estimated to be around USD2 billion, said that an agreement has been signed together with equity partners associated with Abu Dhabi's Centurion Investments, with the loan is for 18 months, and that it will be later replaced with a longer-term facility in about a year's time.
Shetty, which previous principal investment portfolio included significant holdings in NMC Health plc, UAE Exchange and Neopharma as well as investments in hospitality, food and beverage businesses, said that the acquiring of Travelex, the world's largest retail network of almost 1.500 foreign exchange stores and over 1.300 ATMs in 27 countries, will help it in expanding its business even further in the region.
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