Travelex Acquires Thomas Cook's Worldwide Global & Financial Services Business

Travelex plc completed its acquisition of Thomas Cook’s worldwide Global & Financial Services business on March 27, 2001. The transaction was valued at £440 million and resulted in Travelex becoming the world’s largest non-bank foreign currency operator with the world’s largest foreign exchange business. Travelex now has a significant global presence in related businesses such as corporate international payments, outsourced travel money and travellers’ cheques.

Travelex’s team was led by Group General Counsel Sylvain Pignet. Its lead outside counsel in the UK and US was Dechert, with Freshfields Bruckhaus Deringer acting for Thomas Cook. Numerous other law firms acted for the parties in various jurisdictions. In Canada, Stikeman Elliott acted for Travelex with a team that included Sandra Walker and Patrick Gay (competition), Kathleen Ward, Craig Mitchell and Justin McKellar (corporate), Brian Rose (banking regulatory issues), Kevin Kelly (tax) and Bruce Pollock (employment). McMillan Binch, along with general counsel Sharon Groom, acted for Thomas Cook. The McMillan Binch team included Michael Whitcombe and Claudette Pennesi (corporate), Jeffrey Roode (competition), Joseph Chertkow (banking regulatory issues) and Will Chang (real estate). In Canada, Ric McIvor and Simon Finch of Blake, Cassels & Graydon LLP acted for Barclay’s Bank, which financed Travelex.