Englewood-based Western Union announced today that it has signed an agreement with Travelex Holdings, Ltd., to acquire the Travelex Global Business Payments Division, described by the companies as a leading specialist provider of international business payments.
Western Union is paying 606 million pounds in cash for the British firm, or approximately $976 million.
Travelex Global Payments conducts business payments for 35,000 customers annually in 14 countries.
The division provides international business payment services to business clients, namely small and medium-sized enterprises, corporations and third party distribution partners including more than 500 financial institutions.
Western Union said that in combination with its existing business solutions business, the acquisition will give Western Union a “leading position in the large and growing international business payments market.”
Hikmet Ersek, president and CEO of Western Union, said the acquisition of Custom House in 2009 gave Western Union an entry into the business-to-business cross-border payments market.
He said the acquisition of Travelex Global Business Payments “provides us immediate scale, further reach and added capabilities.
“We are excited to welcome Travelex Global Business Payments customers and employees to the Western Union family,” said Ersek.
Peter Jackson, Travelex’s chief executive officer, said TGBP’s experise and customer franchise will help Western Unuion while providing TGBP “with significant opportunities for growth.”
Western Union said the combination of its Business Solutions and Travelex Global Business payments will provide immediate presence in 16 countries with the ability to leverage TGBP’s business-to-business expertise, distribution and platforms with Western Union’s brand.
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com.
