Funds advised by Apax Partners announce the successful completion of the acquisition of a majority shareholding in Travelex

3rd August 2005

Funds advised by Apax Partners today announced the successful closing of the acquisition of a controlling majority stake in Travelex, the world's largest foreign exchange specialist, following regulatory approval.

London, UK, 3 August 2005: Funds advised by Apax Partners today announced the successful closing of the acquisition of a controlling majority stake in Travelex, the world's largest foreign exchange specialist, following regulatory approval.

The transaction values the company at an enterprise value of more than £1bn.  The agreement was previously announced on February 28, 2005.

Travelex is the world's largest non-bank foreign exchange specialist and is a global brand.   The Travelex Group has offices in 35 countries and corporate relationships in 110 countries, and serves over 29 million customers each year.

About Apax Partners

Apax Partners is one of the world's leading private equity investment groups, operating across the United States, Europe and Israel. Apax Partners has raised or advised approximately $20 billion around the world. With more than 30 years of direct investing experience, Apax Partners' Funds provide long-term equity financing to build and strengthen world-class companies. It pursues a multi-stage equity investment strategy, investing in late venture, growth capital and buyouts.

Apax Partners' Funds invest in companies across its 6 chosen global sectors of telecommunications, IT, retail and consumer, media, healthcare and financial/business services. Apax Partners' Funds investments include Global Refund, Azimut, MoneyBox, Independer, Yell, VNU World Directories and Deutsche Kabel.

For additional information, see: www.apax.com

For more information, please contact:

Juliana Wheeler
T: +44 20 7872 6350
E: Juliana.Wheeler@apax.com  

Clare Sillars
T: +44 20 7872 6476
E: Clare.Sillars@apax.com

About Travelex

Travelex is the world's largest non-bank provider of commercial foreign exchange services, providing integrated payment solutions for business customers globally. The Group is also one of the world's leading providers of outsourced travel money to banks, travel agencies and other financial institutions. In addition, Travelex operates over 700 retail foreign exchange branches around the world.

For additional information, see: www.travelex.com

For more information, please contact:

Anthony Wagerman
T: +44 20 7400 4000
E: Anthony.Wagerman@travelex.com