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Travelex and UAE Exchange to merge, list in Abu Dhabi by early-2017 - chairman

Reuters - UK Focus

ABU DHABI, Jan 29 (Reuters) - Foreign exchange operator Travelex and UAE Exchange are poised to merge and are planning a stock market listing of the combined company on the Abu Dhabi bourse by the early part of 2017, the chairman of UAE Exchange said on Thursday.

Indian billionaire B.R. Shetty, along with Abu Dhabi private equity house Centurion Investments, agreed in May last year to buy Travelex for about 800 million pounds ($1.21 billion) from its shareholders including Chairman Lloyd Dorfman and Apax Partners (Other OTC: PGPHF - news) .

"We signed the deal today (Thursday), the acquisition is completed," Shetty told Reuters by phone from London.

"We have plans to merge the two entities to expand, to grow the business," adding that a flotation in Abu Dhabi was part of the plans. ($1 = 0.6612 pounds) (Reporting by Stanley Carvalho; Editing by David French)