According to The Times, Travelex is expected to be sold for £1 billion by the end of July.Lloyd Dorfman, Chairman and Founder of Travelex, who is a former investment banker, owns two thirds of the company and could pocket £550 million from the sale.

The Times reports that Kohlberg, Kravis Roberts and Permira have been shortlisted to buy the business for £1 billion.

Travelex is expected to enter into bidding discussions next week. Dorfman hopes to come to an agreement by the end of the month.

Travelex, headquartered in London, employs 5000 staff in 34 countries. The company provides a foreign currency exchange service as well as travel insurance services and cash handling for airlines and hotels.

Earlier this month, Amadeus was jointly acquired for £3 billion by BC Partners and Cinven.

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