On the 22nd of July 2011, the Commission for the Protection of Competition received a notification of a proposed concentration by the Western Union Company in accordance with Article 13 of the Control of Concentrations between Enterprises Law (Number 22(I)/99). The transaction concerns the acquisition of the Travelex Ltd, Travelex Canada Ltd, Travelex Currency Service Inc., Travelex Holdings Ltd (forming the Travelex Group) by The Western Union Company.
The Western Union Company is registered in accordance with the laws of the State of Delaware of the U.S.A. The company operates in the consumer to consumer international payments services and the global business payments services. The Western Union Company is active in a large number of countries, including the Republic of Cyprus.
The Travelex Group operates through its subsidiaries and branches in four regions: the United Kingdom, America, Asia Pacific and Europe, Middle East and Africa (EMEA). The group’s principle activities are the sale of foreign currency bank notes, prepaid cards and other foreign exchanged related products to retail consumers and the provision of cross-border payment services to business customers. The Travelex Group has limited activity in Cyprus.