Indian businessman gets Dh2.93bn loan for Travelex buy

A loan of up to $800 million (Dh2.93 billion) to help Abu Dhabi-based entrepreneur BR Shetty acquire a majority stake in foreign exchange operator Travelex has been completed, two sources aware of the matter said.

The facility, arranged by Goldman Sachs and Qatar National Bank, will last for 18 months, according to one of the sources. The second source said the cash would be borrowed through an entity owned by Shetty called BRS Ventures and Holdings Ltd.

Shetty declined to comment when reached by Reuters. Both sources spoke on condition of anonymity as the information isn't public.

Three other banks - Doha Bank, National Bank of Fujairah and Commercial Bank International - joined the loan, the first source said.

Travelex, the world's largest foreign exchange specialist, was set up as a bureau de change in the 1970s and now trades in over 80 currencies and more than 50 countries.

It said in May that Shetty and Abu Dhabi private equity house Centurion Investments would buy the firm from its shareholders including Chairman Lloyd Dorfman and Apax Partners.

Indian billionaire Shetty, who owns money-transfer service UAE Exchange, had previously said the total value of the acquisition deal was about £800 million ($1.3 billion).

The acquisition is still awaiting regulatory approvals before it can be formally closed, the sources said.