First Data Corp. Announces Acquisition of Vigo Remittance Corp.
biz.yahoo.com
Thursday May 12, 9:27 am ET
Addition Complements First Data's Money Transfer Business and Expands Choices for Consumers
DENVER--(BUSINESS WIRE)--May 12, 2005--First Data Corp., a global leader in electronic commerce and payment services, today announced that it has signed a definitive merger agreement to acquire Vigo Remittance Corp., a provider of electronic money transfer services to countries throughout the world. This transaction is subject to regulatory approval and other customary closing conditions. Financial terms of the transaction were not disclosed.
"This is an exciting business combination. We have been strengthening our money transfer business in the Latin American and Caribbean regions for the past several years in response to increased consumer demand," said Charlie Fote, Chairman and CEO, First Data. "Together, we have an opportunity to provide consumers with more choice and control over their money transfer needs."
Vigo was founded nearly 20 years ago to provide money transfer services to Brazilian consumers living in New York City and Newark, New Jersey, and has successfully expanded to serve 47 countries. In 2003, Mario Trujillo, in partnership with Great Hill Partners, a Boston-based private equity firm, acquired Vigo and proceeded to improve and grow Vigo's profitability and business efficiencies. Vigo operates through approximately 3,700 Agent locations from across the U.S. and more than 47,000 payment locations throughout the world, primarily in the Latin American and Caribbean regions. In 2004, Vigo processed approximately 8 million transactions.
"Consumers are going to benefit from the joining of First Data and Vigo," said Mario Trujillo, Vigo's CEO. "We have a shared interest in and commitment to providing convenient money transfer services that consumers can trust and depend on. We are confident that bringing Vigo's established business strengths into the First Data family can only lead to a greater understanding of the ever-growing money transfer industry." |
