Western Union acquires 25 percent stake in GKMS

09.NOV.07

GraceKennedy Limited, one of the Caribbean’s largest and most dynamic corporate entities and The Western Union Company (NYSE: WU), a worldwide leader in money transfer services announced on Friday, November 2, that they have closed on an agreement in which Western Union has purchased a 25 percent equity interest in GraceKennedy Money Services Caribbean SRL (“GKMS Caribbean”), the parent company for the GraceKennedy group’s remittance, cambio and bill payments companies within the Caribbean region.{{more}}

GraceKennedy is one of Western Union’s top Agents in the Caribbean. By making this investment in GKMS Caribbean, Western Union is strengthening its commitment to the Caribbean region, and acknowledging the importance of its remittance services to Caribbean people worldwide. This new relationship will allow Western Union and the GraceKennedy Group to work together more closely than ever to build this important business.

Based in Kingston, Jamaica, Gracekennedy Limited has offered the Western Union Money Transfer(r) service through GraceKennedy Remittance Services Limited (“GKRS) and subsidiaries since 1990. The GraceKennedy Group offers Western Union(r) services at more than 230 locations throughout the region. GraceKennedy operates as Western Union’s Agent in Jamaica, Trinidad and Tobago, Guyana, Antigua and Barbuda, St. Kitts-Nevis, Anguilla, St. Vincent and the Grenadines and Montserrat.

In addition to the purchase of an equity interest in GKMS, Western Union also renewed its agreement with GraceKennedy and its subsidiaries to offer Western Union services for another 10 years.

This investment helps solidify an important relationship between our two companies” said Douglas Orane, Chairman and Chief Executive Officer of GraceKennedy Limited.

“Our agreement with Western Union represents an unparalleled opportunity for two successful, mission-driven organizations to focus on providing premier money transfer services in the Caribbean.”

“Western Union has made it a strategic priority to further strengthen and diversify its Global Agent network,” said Christina Gold, President and Chief Executive Officer, The Western Union Company. “Our existing relationship with GraceKennedy has allowed us to provide high levels of convenience and service quality throughout the Caribbean. We believe that this investment will further cement that relationship and will provide both companies with an opportunity to further explore this important market.”