17 May 2015
Abu Dhabi: BRS Ventures & Holdings Ltd., jointly owned by renowned businessmen from Middle East, His Excellency Saeed Bin Butti Al Qubaisi, Dr. B. R. Shetty and Mr. Khalifa Bin Butti Omeir Al Muhairi, has won The Banker's 'Middle East M&A Deal of the Year 2015' award for the acquisition of Travelex Holdings Ltd., UK. The coveted recognition was conferred by the prestigious The Banker magazine under the Middle East M&A category.
The transaction was handled by, a five-member deal team. Mr. Promoth Manghat, the deal team lead commented, "the transaction was complex, needing cautious and deft handling. The entire deal, including finance, obtaining approvals from multiple regulators from various countries etc., was completed in a matter of few months. This accomplishment portrays the immense confidence the regulators and bankers have on the Promoters - H. E. Saeed Al Qebaisi, Dr. B.R. Shetty and Mr. Khalifa Al Muhairi."
Travelex was acquired for its globally recognized and powerful brand value, geographic footprint, innovative products & services, impeccable compliance culture and strong relationships with regulators and business partners. These credentials compliment well with
UAE Exchange, a global brand owned by the promoters and operating in over 31 countries. The acquisition has opened up several potential opportunities to create business synergies between Travelex and UAE Exchange.
Travelex, founded in 1976, has grown to become the world's leading and biggest operators of foreign currency exchange today. It does over 37 million retail transactions each year and operates across the entire value chain of the retail foreign exchange industry across 29 countries. With a growing network of 1,300 ATMs and 1,500 stores at both in the airport and off-airport locations around the world, Travelex is visible in the digital world too. It also processes and delivers foreign currency orders for central banks, international financial institutions, major banks, travel agencies and hotels.