Western Union has signed an agreement with Travelex Holdings to acquire the Travelex Global Business Payments (TGBP) division, a specialist provider of international business payments, for £606m in cash. Western Union will combine the division with its existing Business Solutions business.
TGBP conducts business payments annually for 35,000 customers in 14 countries. The division provides international payments services to business clients, namely small and medium-sized enterprises (SMEs), corporations, and third party distribution partners including over 500 financial institutions.
Hikmet Ersek, president and chief executive officer (CEO) of Western Union, said: “The acquisition of Custom House in 2009 gave us an entry into the business-to-business cross-border payments market, and TGBP provides us immediate scale, further reach, and added capabilities.”
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