Financial services firm Fexco is to sell its money transfer operations to Western Union for a net cash payment of €123 million ($158.5 million).
Under the terms of the deal around 300 Fexco employees will transfer to Western Union although they will continue to be based at Fexco’s European centers.
Twenty-one of the staff due to transfer are based in in Co Cork, with others based in London, Spain, Norway, Sweden, Denmark and Finland.
Western Union will also surrender its stake in the non-money transfer business of Fexco. Brian McCarthy, Fexco founder and executive chairman said the company will continue to Western Union with strategic support.
Christina Gold, Western Union ceo, said the acquisition was timely and strategic and comes ahead of anticipated regulatory changes to the money transfer business in Europe.