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Western Union agrees sale of Business Solutions division for $910m
Western Union is to shed its Business Solutions unit, with investment firms Goldfinch and Baupost set to acquire the business for approximately $910 million in cash.
Business Solutions represents around 7% of Western Union’s business. It was formed following the acquisitions of Custom House in 2009 and Travelex Global Business Payments in 2011.
Its main focus is on cross-border, cross-currency payments and foreign exchange solutions for small and medium-sized businesses and other organisations.
Hikmet Ersek, president and CEO, says: “With this divestiture, Western Union will be fully focused on maximising the strength of our global cross-border payments platform and financial network.
“I am confident that the Western Union Business Solutions team, business and customers have found solid strategic and financial partners in Goldfinch and Baupost.”
The transaction is expected to close in two stages. The first, intended to be completed in early 2022, will comprise Western Union Business Solutions, excluding the business that is operated through Western Union International Bank in the EU and UK. The transfer of the latter is planned for completion by late 2022.
Goldfinch Partners is a private equity firm investing in businesses specialising in digital transformation. The Baupost Group is a $31 billion Boston-based investment firm.
Lazard Frères & Co served as financial advisor and Freshfields Bruckhaus Deringer served as legal counsel to Western Union in the transaction.
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