Travelex, owned by private equity firm Apax Partners, has bought Brazil’s Grupo Confidence, Financial Times reports. The transaction is part of Travelex’s plans to expand into emerging markets.
The financial terms of the transaction were not disclosed, but Travelex is estimated to be paying between £120 million to £140 million for the Brazilian foreign exchange company. Grupo Confidence has a network of 115 stores across Brazil.
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