Travelex Bond Holder Statement
Travelex sale of Travelex Insurance Services
26 September 2016
Travelex, the world's leading foreign exchange specialist, has agreed the sale of 100% of Travelex Insurance Services ("TIS") to Cover-More Group, a specialist, integrated travel insurance provider based in Australia, for cash consideration of US$105 million. The deal is subject to certain closing conditions which we expect to be satisfied before the end of 2016.
TIS offers a wide range of travel insurance plans sold through travel agencies, tour operators and online. For the 12 month period ended 30 June 2016, TIS contributed US$9.5 million to the Group's reported EBITDA.
Travelex intends to use the net proceeds from the sale of TIS to reduce the Group's net debt. This will enhance the Group's ability to focus on its core strategy of helping people send and spend money around the world, deepening the Group's presence in its fastest growing regions and building on the progress made across its digital and multi-channel capabilities.
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange
This information is provided by RNS