Through approximately 550 retail branches in the U.S., DolEx serves a growing market of predominantly Latino customers who send money to beneficiaries in Latin America. Beneficiaries collect these funds from over 8,500 bank, exchange house, and retail settlement locations in Latin America. Under the terms of the agreement, Global has paid approximately $190 million for DolEx in a combination of $65 million in cash and $125 million in debt. Concurrent with this acquisition, the company has changed the name of its Funds Transfer service offerings to Money Transfer, under which DolEx revenue will be reported. For the year ended December 31, 2002, DolEx processed approximately 4.6 million electronic money transfer transactions with audited revenue of $69.9 million. More than 80 percent of DolEx transactions are made using over 300,000 proprietary Amigo Latino cards.
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