Funds advised by Apax Partners announced an agreement to acquire a majority shareholding in Travelex, the world’s largest foreign exchange specialist, in a cash transaction valuing the company at £1,055m.

Lloyd Dorfman, who will continue as chairman and chief executive of the Group, will retain a 30 per cent stake, and funds managed by 3i, which has held a shareholding in Travelex since 1999, will retain a seven per cent stake.

As a result of its recent strategic review, Travelex will be exploring opportunities to work with Standard Chartered across its network in Asia, Africa and the Middle East.

Travelex is the world’s largest 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 29,000,000 customers each year.

The transaction is expected to go through in July.