Throguh this acquisition, Western Union, which currently owns 30% of the Angelo Costa, will acquire the remaining 70% for a cash purchase price of €100m.
Angelo Costa manages relationships with over 7,500 sub agent locations across several countries in Europe. In 2002, Angelo Costa was selected by Western Union as its European SuperAgent.
Western Union president and CEO Hikmet Ersek said the acquisition of Angelo Costa represents a strong fit with the key strategic priorities.
"It will allow Western Union to directly access our network locations and customers, more quickly introduce new products and services into Agent locations, and optimize commission levels.
As a result of adding Costa to our Fexco network, we will also be able to improve processes and productivity through centralized support functions," Ersek said.
The transaction is subject to regulatory approvals and satisfaction of closing conditions, and is expected to close in the first half of 2011.
