The majority shareholders of UAE Exchange and Travelex have closed a $890 million loan that will be used to support the two foreign exchange companies’ growth plans, according to a statement on Monday.
The loan, which can be increased by an additional $75 million at the request of the shareholders, will also be used to refinance an existing bridge facility that was used to acquire Travelex in 2015, the statement said.
Centurion Investments, which is part of Abu Dhabi-based KBBO Group, and Indian-born billionaire Bavaguthu Raghuram Shetty, completed a deal to buy Travelex in January 2015 for 800 million pounds ($1.14 billion). The pair are now the majority shareholders in UAE Exchange and Travelex.
Nine banks including Goldman Sachs, Qatar National Bank and Doha Bank backed the loan, the statement said.
The companies will continue to operate as two brands but will offer products through both platforms. Growth plans include increasing distribution channels and expanding into new markets, it added.
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