Finablr Limited, the owner of Travelex and other money changing companies including UAE Exchange, announced on Tuesday that it had been approached with a takeover bid from Prism Advanced Solutions.

The details of the deal were not disclosed, but it is understood that Prism’s offer was made for purchasing 100% of the share capital of FInablr and its subsidiaries. The two companies are now working towards finalising the exact terms of the deal.

“After months of hard work under very trying liquidity conditions compounded by the impact of the coronavirus on our operations, I am excited to now go forward with Prism,” said Bhairav Trivedi, CEO of Finablr, in a statement. “We are honoured to be involved in this game-changing transaction in the Middle East."

Prism Advanced Solutions is a consortium of investors with connections to Israel, fronted by Guy Rothschild, a Swiss-based financier and former CFO at Maclaren.

“We acknowledge that it's going to be a challenging journey and that there would be difficulties along the way, but we are confident that with the support from all parties involved we will realize Finablr's full potential,” Rothschild commented on the deal.

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Finablr has come under great financial strain this past year as it was reported to be $1.3 billion in debt, with further losses coming as the COVID-19 pandemic impacted the company’s forex business. Its shares were suspended in London in March, having fallen 95% prior to their suspension, and its CEO and CFO subsequently resigned

A filing with the London Stock Exchange (LSE) indicated that Prism intends to restructure and settle Finablr Limited’s debts and will shuffle its board. The offer also includes the provisions of providing working capital for Finablr and its subsidiaries.

Both parties aim to close the deal within the next four weeks, once a share purchase agreement has been negotiated and Finablr has gained the approval of its shareholders and regulators to go ahead with the merger.