Travelex plc Acquires Thomas Cook Financial Services Division
Travelex plc, a global provider of foreign currency services, has acquired Thomas Cook Financial Services (TCFS), the global financial services arm of Thomas Cook Holdings Ltd., for $630 million. The transaction, subject to regulatory approval, is expected to close during the first quarter of 2001. Travelex, founded in 1976, operates the largest network of airport foreign exchange branches in the world, provides global payments services to corporations, markets travel insurance and foreign coin services and offers internet foreign exchange services to both retail and corporate customers. Thomas Cook, founded in 1841, is one of the oldest travel companies in the world. The transaction does not include the Thomas Cook Worldwide Travel Business, the firm’s travel agency. Barclays Bank plc is underwriting the financing for the purchase consideration and providing guarantees to cover the issued and outstanding MasterCard and Visa travelers cheques of TCFS.