Western Union buys Travelex Global Business Payments


Western Union has purchased Travelex Global Business Payments for 606 million pounds ($906m). Travelex Global Business Payments division was one of the world's biggest money transfer firms and the most profitable part of Travelex and the deal will mean that Travelex will no longer conduct corporate foreign exchange transactions.

Travelex said its business payments unit was one of the world's biggest non-bank providers of foreign exchange transactions and This is a transformational deal for us as it takes us back to our roots in servicing our 30 million retail customers," Travelex chief executive Peter Jackson said yesterday.

Travelex will now focus on the provision of travel money and prepaid cards and its international consumer payments business and will enable the London-based Travelex to pare down debt, strengthen its balance sheet and provide a solid platform to grow the business.

Western Union will now be able to compete and expand further into business-to-business international payments sector.

TGBP, which handles about 35,000 customers a year in 14 countries including Australia, is expected to produce pound stg. 150m in revenue this year.

Western Union chief executive Hikmet Ersek said: "Adding Travelex Global Business Payments provides us immediate scale and we are serving again here the under-served. These are small importers or exporters which have difficulties doing cross-border payments."

This falls in line with consumer foreign exchange market in developing countries which is expected to overtake the European and American markets in the next few years.

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Western Union buys Travelex Global Business Payments

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