Western Union to Buy Travelex Payments Unit for $976 Million |
| Bloomberg - Jul 5, 2011 |
Western Union Co. (WU), the world’s largest money-transfer firm, agreed to buy a business-payments division of London-based Apax Partners LLP’s Travelex for 606 million pounds ($976 million).
The Travelex Global Business Payments unit handles transactions for 35,000 customers a year in 14 countries, Englewood, Colorado-based Western Union said today in a statement. The unit is expected to produce 150 million pounds in revenue this year, according to the statement.
“Adding Travelex Global Business Payments provides us immediate scale,” expanding on a 2009 acquisition that gave Western Union a start in business-to-business international payments, Chief Executive Officer Hikmet Ersek, 50, said in a telephone interview. “We are serving again here the underserved, these are small importers or exporters which have difficulties doing their cross-border payments.”
Read Full Article from Bloomberg
- Posted: 2011-07-05 13:11:17
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