First Data Completes VigoDeal
DENVER - (10/25/05) -- Card processor First Data Corp. saidit has completed its purchase of Vigo Remittance Corp., a providerof low-cost international electronic money transfer services andpartner of the World Council of CUs in its IRnet project. WOCCUsaid it plans to continue its low-cost IRnet project with Vigo, atleast for the time being. First Data purchased Vigo from Great HillPartners, a Boston-based private equity firm, for an undisclosedprice. Vigo was started 20 years ago to provide money-transferservices to Brazilian nationals living in New York City and Newark,N.J., and has since expanded to serve 50 countries, mostly in LatinAmerica and the Caribbean. In 2003, Great Hill Partners purchasedVigo. First Data also owns Western Union Financial Services Inc.,the world's largest money-transfer company. Vigo, which is based inSunrise, Fla., will operate as an independent complementary brand,First Data said.