Magic circle duo advise on $965m Travelex and UAE Exchange financing
Allen & Overy and Linklaters take the lead as foreign exchange businesses seek to raise cash
April 06, 2016 at 07:15 AM
2 minute read
Allen & Overy (A&O) and Linklaters are advising on the $965m (£684m) combined financing of foreign exchange companies Travelex and UAE Exchange.
Travelex was acquired in January 2015 by a consortium led by UAE Investment firm Centurion Investments and Abu Dhabi entrepreneur Dr B. R. Shetty, chairman of UAE Exchange.
The latest deal consists of an $890m (£630m) financing, which will be used to refinance the bridge financing that supported the acquisition and a $75m (£53m) facility which will be used to help support the growth of the UAE Exchange and Travelex.
A&O acted for global co-ordinating banks Goldman Sachs and Qatar National Bank together with a group of arrangers that included Doha Bank, Barclays Bank, Commercial Bank International, National Bank of Fujairahm, Abu Dhabi Commercial Bank and IDBI Bank.
Its team was led by finance partner Denise Gibson in London and finance partner Peter Timchur in Dubai.
Capital markets co-head Simon Hill advised the security and facility agents under both facilities.
Gibson said: "Following our role advising on the bridge facility for the Travelex acquisition last year, we have been working closely with the global coordinators, the majority shareholders and other advisers on the take-out financing."
Linklaters acted for the majority shareholders on the deal, Dr B. R. Shetty and Centurion.
Its team was led by corporate partner Nick Garland and banking partner John Tucker.
Garland said: "The continued internationalisation of Dr Shetty's business interests is a great Middle East success story, and this financing puts Travelex and UAE Exchange in a great position to build on it further."
Recent deals for Garland include acting for Home Retail on both its sale of retailer Argos to supermarket Sainsburys and its sale of UK DIY retailer Homebase to Australian retail group Wesfarmers.
Gibson was part of an A&O team that advised on gaming company 888′s £893m acquisition of rival bwin.party digital entertainment in July 2015.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllClifford Chance and Linklaters lead the way on gas network deal
Freshfields, A&O and Slaughters lawyers register in Ireland as Brexit fears mount
A&O launches JV with Deloitte to help banks tackle regulation
White & Case set for key role as $2.5trn Saudi Aramco prepares to float
Trending Stories
- 1South Florida Attorney Charged With Aggravated Battery After Incident in Prime Rib Line
- 2'A Death Sentence for TikTok'?: Litigators and Experts Weigh Impact of Potential Ban on Creators and Data Privacy
- 3Bribery Case Against Former Lt. Gov. Brian Benjamin Is Dropped
- 4‘Extremely Disturbing’: AI Firms Face Class Action by ‘Taskers’ Exposed to Traumatic Content
- 5State Appeals Court Revives BraunHagey Lawsuit Alleging $4.2M Unlawful Wire to China
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
