MoneyGram International Inc. has acquired a pair of Spanish transfer companies as part of its effort to expand in several international markets.
The Minneapolis remittance company announced Monday that it had purchased MoneyCard World Express SA and Cambios Sol SA in a single deal. Both companies had been longtime MoneyGram partners in Spain. No price was given.
The acquisitions give MoneyGram a transfer license in Spain, as well as about 500 agent locations. Pedro Moragriega, a MoneyCard executive, has been named a MoneyGram general manager.
"Immigration trends across Europe, and especially an influx of immigrants into Spain, make this a key market for MoneyGram," Michael Fox, a spokesman, said in an interview Tuesday.
Though "the locations are not new for MoneyGram, the direct relationship with the two operating agencies is new and allows us to more directly impact growth and opportunities in the Spanish market," Mr. Fox said.
