FOREIGN exchange giant Travelex could be put up for sale after talks over a potential £1 billion takeover of the business, according to a report.
An unnamed Asian buyer is said to have approached Travelex’s private equity parent Apax in a move that could kick off an auction of the world’s largest non-bank foreign exchange business.
Travelex, bought by Apax in 2005, trades in more than 80 currencies and operates in around 50 countries.
Founded in 1976, it has 30 million retail customers each year and owns a network of 1,300 stores and 1,100 cash machines.
The group has been looking to refocus on its core business in recent years, selling its card programme management business to Mastercard for £290 million in 2011 and offloading Travelex Global Business Payments to Western Union for £606m in the same year.
While the bid is thought to have been unsolicited, Apax may capitalise on the interest as it is believed to be struggling to meet its €9bn (£7.8bn) fundraising target.
Apax was not available for comment.
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