The Baupost Group, LLC and Goldfinch Partners LLC entered into a definitive agreement to acquire Western Union Business Solutions from The Western Union Company (NYSE:WU) for approximately $910 million on August 4, 2021. Consortium of Goldfinch and Baupost will acquire Western Union Business Solutions for approximately $910 million in cash. In the first closing, Western Union Business Solutions, excluding the business that is operated through Western Union International Bank in the European Union and the United Kingdom, will transfer to an entity controlled by Goldfinch and Baupost. In the second closing, the remaining Western Union Business Solutions business operated through Western Union International Bank will transfer. The full purchase price will be received at first closing. Western Union Business Solutions to be renamed Convera at Acquisition Closing. During the last 12 months ended June 30, 2021, the Business Solution segment generated $374 million of revenue, $64 million of EBITDA, and $33 million of operating income. After the acquisition Custom House will have Patrick Gauthier as Chief Executive Officer, Andrew Summerill as Chief Financial Officer, Dharmesh Syal as Chief Technology Officer, Jody Visser as Chief Transformation Officer and Drew Weinstein as Chief Commercial Officer. Goldfinch Partners? Sean Collins and Bill McNichols and The Baupost Group?s Ryan Duffy will join Custom House's Board of Directors after the transaction closes. Under the agreement, Western Union Business Solutions (USA), LLC was also being acquired by The Baupost Group, LLC and Goldfinch Partners LLC. The Baupost Group, L.L.C. and Goldfinch Partners LLC completed the initial acquisition of Western Union Business Solutions from The Western Union Company on March 1, 2022. The Baupost Group, L.L.C. and Goldfinch Partners LLC completed the second stage acquisition of Western Union Business Solutions from The Western Union Company on December 31, 2022. The third closing, which includes the European Union operations, is currently expected in the second quarter of 2023, pending regulatory approvals.

The transaction is subject to requisite works council and trade union consultations, regulatory approvals and other customary closing conditions. The transaction is expected to close in two stages. The first closing, which is expected to occur in the first quarter of 2022, and the second closing, which is expected to be completed by late 2022. Western Union expects to receive in excess of $800 million in proceeds. Western Union expects to use the proceeds to reinvestment in the business to drive organic growth, dividends, acquisitions, including technological capabilities that support our growth strategy; and share repurchases.

Brennin J Kroog of Lazard Frères & Co. acted as the financial advisor and Zheng (Jonathan) Zhou, Ethan Klingsberg, Brian Rance, Francesca Loreto, Florian Klimscha, Emma Rachmaninov, Maj Vaseghi, Karin Buzanich-Sommeregger, Robert Scarborough, Mena Kaplan, Peter Jaffe, Gernot Fritz, Meghan Rissmiller, Aimen Mir, Christine Laciak, Stephanie Brown Cripps, Kyle Lakin and Farid Sigari-Majd of Freshfields Bruckhaus Deringer LLP acted as the legal advisor to Western Union. Ashwin Bishnoi, Rohit Ambast, Anshul Prakash, Deepak Kumar and Ritu Shaktawat of Khaitan & Co. and David C Eisman, Brian D Christiansen, Simon Toms and Azad Ali of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors for The Baupost Group, LLC and Goldfinch Partners LLC.

The Baupost Group, LLC and Goldfinch Partners LLC completed the acquisition of Western Union Business Solutions from The Western Union Company (NYSE:WU) on July 1, 2023. With this final close of the acquisition of European business, marks the end of the transition from Western Union Business Solutions.