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Competitive sale for Currency Select
Foreign exchange business Travelex has been advised by a global firm in the competitive sale of Currency Select.
Melissa Coade
Firms: King & Wood Mallesons (Travelex); Baker & McKenzie, London (Global Blue)
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Deal: King & Wood Mallesons has advised Travelex in the competitive sale process of its business, Currency Select. Swiss-based company Global Blue, represented by Baker & McKenzie’s London office, made the successful bid for the business.
Value: $65 million
Area: M&A
Key players: KWM partners Lee Horan (pictured) and Kate Jackson-Maynes led the legal team advising Travelex, supported by senior associate Chris Carr and solicitors Nicholas Ferrari and Laura Bonnici.
Deal significance: Currency Select is a Dynamic Currency Conversion (DCC) and Multi-Currency Processing (MCP) provider that enables partners to process transactions through ATMs, Point-Of-Sale (POS) payment terminals and e-Commerce channels. The business’s end-to-end platform works directly with international Card Schemes (including Visa, MasterCard and UnionPay), to provide authorisation, clearing and settlement services to partners across a wide range of sectors.
Commenting on the deal, Mr Horan said the sale was keenly contested and attracted global interest. “We are delighted to have been able to support Travelex on this significant cross-border transaction. It required the navigation of regulatory and cultural issues in multiple jurisdictions,” he said.
