Western Union to Acquire Travelex Global Business Payments for £606M Cash

The Western Union Company WU today announced it has signed an agreement with Travelex Holdings Limited to acquire the Travelex Global Business Payments division for £606 million in cash. Travelex Global Business Payments conducts business payments annually for 35,000 customers in 14 countries. The division provides international payments services to business clients, namely small and medium-sized enterprises, corporations, and third party distribution partners including over 500 financial institutions. Projected 2011 revenues for TGBP are approximately £150 million, with a normalized EBITDA margin of approximately 30 percent.