Western Union Co. said Monday that it has agreed to acquire one of its European money transfer agents.
Western Union said the purchase of Angelo Costa S.r.l. is expected to close in the first half of the year, pending regulatory approvals and other conditions. Western Union already owns 30% of the agent; it is to pay about $133 million for the remainder.
Angelo Costa manages relationships with more than 7,500 subagent locations in several European countries.
The purchase would enable Western Union "to directly access our network locations and customers, more quickly introduce new products and services into agent locations, and optimize commission levels," Hikmet Ersek, its president and chief executive, said in a press release.
Western Union, of Englewood, Colo., provides money transfer services through more than 410,000 agent locations in more than 200 countries.
