Western Union completes acquisition of Travelex

Western Union Co. buys Travelex cross-border payment provider for businesses

Associated Press

ENGLEWOOD, Colo (AP) -- The Western Union Co. said Monday that it has completed its $973.8 million acquisition of Travelex Global Business Payments, expanding its presence in the arena of international payment processing for businesses.

Travelex, a unit of Travelex Holdings Ltd., is based in London. The company provides international payments services to business clients, mostly small and medium-size companies and distribution partners.

Western Union, based in Englewood, Colo., first entered the business-to-business cross-border payments market two years ago with its acquisition of Custom House.

The company said business-to-business payments are one of Western Union's top priorities. It said its business customers can now send cross-border payments in over 140 currencies from 18 countries, with more countries to be added in 2012.

Western Union said the acquisition adds over 1,000 new employees to the company, bringing its total global work force to more than 8,000.

Shares of Western Union rose 2 cents to close at $17.38 Monday after the company announced the acquisition has been completed.

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