The first stage will not include the business that is operated via Western Union International Bank in the European Union and the US. Credit: Chris Liverani on Unsplash

A consortium of Goldfinch Partners and The Baupost Group has completed the first stage acquisition of Business Solutions segment of Western Union.

The consortium first signed the deal to acquire Western Union Business Solutions for up to $910m in cash in August last year.

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The companies have agreed to complete the deal in two stages.

As per terms of the deal, Western Union has secured the full proceeds from the sale in the first closing itself.

Under the first closing, the consortium has transferred certain parts of Western Union Business Solutions to an entity controlled by Goldfinch and Baupost.

The first stage will not include the business that is operated via Western Union International Bank in the European Union and the US.

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The remaining Western Union Business Solutions business will be transferred in the second closing, which is anticipated to complete in the second half of 2022.

With a network in around 200 countries and territories, Western Union Business Solutions offers cross-border, cross-currency payments and foreign exchange solutions.

The business serves customers, including small-to-medium sized businesses, Fortune 500 enterprises, financial institutions, educational institutions and non-profit organisations (NGOs).

Western Union Business Solutions enables organizations to send and receive payments in more than 130 currencies.

Western Union offers cross-border, cross-currency money movement and payment services to consumers, businesses, financial institutions, and governments.

In May 2020, Goldfinch Partners had acquired fintech firmVesta, which provides payments and fraud detection technologies.

Vesta was established in 1995 to process card-not-present (CNP) payment transactions for the telecommunications industry.