Western Union Co. said Tuesday that it is buying the business payments unit of London-based Travelex Holdings Ltd. for £606, or about $1 billion.
The Englewood, Co., company, which provides money transfer services in more than 200 countries and territories, said the acquisition of the Travelex Global Business Payments division would help it bolster its existing cross-border business payments unit.
Travelex's division handles business payments for 35,000 customers, including small and medium-sized businesses and more than 500 financial institutions, in 14 countries annually, Western Union said in a press release.
The deal will build on previous acquisitions, giving Western Union "immediate scale, further reach, and added capabilities," Hikmet Ersek, the president and chief executive of Western Union, said in the release.
Western Union expects the deal, which is subject to regulatory approvals, to close late this year.
