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Goldman, QNB to arrange $800 mln loan for Travelex acquisition

Reuters - UK Focus

By Stanley Carvalho

DUBAI, Aug 12 (Reuters) - Goldman Sachs (NYSE: GS-PB - news) and Qatar National Bank (NYSE: NBHC - news) (QNB (Other OTC: QNBC - news) ) are arranging a $800 million loan to help Abu Dhabi-based entrepreneur B.R. 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).

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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.

(1 US dollar = 0.5960 British pound) (Writing by Praveen Menon; Editing by Pravin Char)