Media speculation suggests that Irish financial services group Fexco has netted $159.5 million by selling its money transfer to Western Union.
As part of the deal Fexco will also reacquire Western Union's 25 per cent stake in the Irish business which was purchased in 2001 for a reported €63.5 million.
It is estimated that about 300 Fexco staff will transfer to Western Union as part of the deal, leaving the Irish company with just under 1,200 employees.
Founded in 1981, Fexco is involved in a number of financial sectors, including stockbroking, VAT refunds and the administration of the Prize Bond scheme. It also operates call centres, recently signing up Bord Gáis as a client.