Shetty gets funds for Travelex takeover

Shetty gets funds for Travelex takeover

Published: August 13, 2014

Indian entrepreneur secures US$800mn to acquire foreign exchange company. 

BR Shetty, an Indian entrepreneur who made his fortune in the healthcare sector of the United Arab Emirates, has secured US$800mn to help him acquire a majority stake in foreign exchange company Travelex. Qatar National Bank and Goldman Sachs arranged the loan.

Shetty’s plan is to acquire Travelex in partnership with private equity firm Centurion Investments, taking respective stakes of 91% and 9% in a deal worth US$1.34bn.

The entrepreneur made his fortune in 1975 by founding NMC Health, a healthcare provider which owns a number of hospitals in the UAE, and which listed in London in 2012. He also owns money transfer business UAE Exchange, which has 6mn customer across 30 markets.