According to the terms of the transaction, Western Union received the full proceeds from the sale in this first closing.
One of many Western Union branches in Angeles City, Philippines. (Credit: FoxLad at English Wikipedia)
The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today announced the Company has completed the first closing of the divestiture of its Business Solutions segment to a consortium of Goldfinch Partners, LLC (“Goldfinch”) and The Baupost Group, LLC (“Baupost”) for approximately $910 million in cash.
As previously announced, the transaction will close in two stages. In this first closing, Western Union Business Solutions, excluding the business that is operated through Western Union International Bank in the European Union and the United Kingdom, was divested. In the second closing, which is expected to be completed in the second half of 2022, the remaining Western Union Business Solutions business will transfer.
According to the terms of the transaction, Western Union received the full proceeds from the sale in this first closing.
Source: Company Press Release