Western Union has entered into a definitive agreement to acquire a minority stake in Saudi Digital Payments Company, or stc pay, a fully owned subsidiary of Saudi Telecom Company.
According to the terms of the transaction, Western Union will invest up to USD 200 million for up to 15% ownership of stc pay. In conjunction with the investment, the companies extended the terms of their commercial relationship.
Western Union currently partners with stc pay, providing money transfer services that allow stc pay’s users to send money from its app worldwide in 130+ currencies through Western Union’s global network of accounts, wallets, cards and retail.
The transaction is expected to close in the first quarter of 2021, subject to receiving all regulatory approvals.
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