Western Union to buy European agent Angelo Costa

Source: Western Union

The Western Union Company (NYSE: WU) today announced it has signed an agreement to acquire Angelo Costa S.r.l., one of its leading money transfer network agents in Europe.

Angelo Costa manages relationships with over 7,500 subagent locations across several countries in Europe. Western Union currently owns 30% of the company, and will acquire the remaining 70% for a cash purchase price of 100 million Euros.

Western Union President and Chief Executive Officer Hikmet Ersek said, "The acquisition of Angelo Costa represents a strong fit with our key strategic priorities. It will allow us 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."

Angelo Costa Managing Director Francesco Costa added, "We have held a great relationship with Western Union for many years, and helped build a strong money transfer network across Europe. We look forward to completing this transaction and ensuring a smooth transition."

The transaction is subject to regulatory approvals and satisfaction of closing conditions, and is expected to close in the first half of 2011.


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