Western Union buys out Fexco interest

GLOBAL money transfer services giant Western Union has acquired the equivalent business interests of Kilorglin-based financial services firm Fexco for €123.1 million.

Fexco — where former Tánaiste Dick Spring is executive vice chairman — has been one of Western Union’s leading international agents since 1990. As part of the new deal, Western Union will also surrender its 25% stake in the Co Kerry firm, which it initially acquired in 2001.

Fexco has been managing Western Union’s call centre and transaction services in seven European countries — Ireland, Britain, Spain, Denmark, Norway, Sweden and Finland — since the early 1990s. Western Union will now take over management of those operations and 300 Fexco employees will transfer to the US company. They will remain in their current working environments, but under new management.