Nothing but negotiation

The Gap Partnership

Western Union finishes business negotiations with TGBP

Western Union is to pay £606 million to take over Travelex Global Business Payments.

05 July 2011

Merger and acquisition consultants may have been present as Western Union completed a £606 million deal to take over the Travelex Global Business Payments (TGBP) division.

Hikmet Ersek, president and chief executive officer of Western Union - which has been in existence for 160 years - noted the deal will give his company greater reach in the "business-to-business cross-border payments market".

According to estimates by McKinsey and Company, global revenue for this sector between small to medium-sized businesses is around $24 billion.

Mr Ersek added the organisation is still focused on three areas of growth: stored value and prepaid, consumer money transfer and business-to-business payments.

Peter Jackson, chief executive of Travelex, added he is "delighted" by the agreement, which may have seen some negotiation skill demonstrated by both parties.

"[Western Union] will benefit from TGBP's expertise and customer franchise, while providing TGBP with significant opportunities for continued growth," he added.

Posted by Edel Quinn

Gap News

March 2014

The Negotiation Roadshow 2014

Generating value through creative negotiation

Read more

July 2013

Trading Global: Negotiating in the Far East

The Gap Partnership are hosting a complimentary Lunch & Learn seminar in association with UK Trade & Investment

Read more

April 2013

GroceryAid Negotiation Event Raises £26,550

The Gap Partnership, in conjunction with Asda, SC Johnson and Waitrose, host one-day negotiation workshop

Read more

February 2013

Trading Global - Negotiating in the Far East

What is the impact of cultural differences on your negotiations?

Read more

December 2012

The Gap Partnership Release New Negotiation Video

The Nothing but Negotiation video series continues with collaborative negotiation

Read more