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In Q2 2005 Apax Partners purchased a majority stake in Travelex (the worlds largest foreign exchange company) for £1.06bn. In Q3 2005 Apax also announced plans to purchase Grupo Panrico, one of Spain's largest food companies and its largest bakery company. As part of the Velvet Acquisitions consortium (along with Barclays Capital and Robert Tchenguiz) Apax is involved in the purchase of Somerfield, the UK's fifth largest supermarket chain (with around 700 stores).[citation needed] At the end of 2005, it was announced that Apax Partners had purchased the Tommy Hilfiger Corporation for $1.6 billion, or $16.80 a share, all in cash. In May 2006, this deal was approved by the shareholders of Tommy Hilfiger.
Apax Partners took HIT Entertainment private in June 2006. On 2006-08-21, it was announced that Apax Partners and Bain Capital had joined the enlarged private equity consortium headed by KKR that has agreed to acquire an 80.1% stake in the Semiconductor Division of Royal Philips Electronics. The new company is called NXP Semiconductors.
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