Western Union To Sell Western Union Business Solutions For About $910 Mln

(RTTNews) - Western Union Co. (WU), Wednesday said it has agreed to sell its Western Union Business Solutions for about $910 million in cash to a consortium of Goldfinch Partners LLC and The Baupost Group LLC.

Western Union established Western Union Business Solutions following the acquisitions of Custom House in 2009 and Travelex Global Business Payments in 2011. Western Union Business Solutions facilitates cross-border, cross-currency payments and foreign exchange solutions for small and medium-sized businesses and other organizations.

"With this divestiture, Western Union will be fully focused on maximizing the strength of our global cross-border payments platform and financial network," said Hikmet Ersek, President and CEO of Western Union.

"We are excited to build upon our global leadership position in consumer money movement, underpinned by our iconic Western Union brand and, in addition to this, continue to serve as a global provider of innovative cross-border payment solutions for partners, like financial institutions, telecoms and technology companies. I am confident that the Western Union Business Solutions team, business and customers have found solid strategic and financial partners in Goldfinch and Baupost," Ersek concluded.

The transaction is expected to close in two stages. In the first closing, which is expected to be completed in early 2022, Western Union Business Solutions, excluding the business that is operated through Western Union International Bank in the European Union and the United Kingdom, will transfer to an entity controlled by Goldfinch and Baupost.

In the second closing, which is expected to be completed by late 2022, the remaining Western Union Business Solutions business operated through Western Union International Bank will transfer.