Brussels, 20/06/2005 (Agence Europe) - The Commission has authorised plans by equity fund Apax, a subsidiary of the Global Refound group, to buy Travelex Holding Ltd, a specialist in the provision of international settlement services, retail and wholesale exchange services and externalisation services to banks and financial institutions. Although Global Refounded uses Travelex for some of its activities, such as VAT reimbursement services, the Commission concluded that the operation would not significantly hamper competition in the European Economic Area (EEA). It feels that the existence of vertical relations between the two companies should not lead to discriminatory behaviour on the part of Global Refound with regard to competitors who are also Travelex clients.