Corsair Completes Sale of eurochange to The Western Union Company, Finalizes Exit from NoteMachine
Western Union has completed the acquisition of eurochange, a leading UK travel money retailer, from Corsair. The transaction, finalized on April 7, 2025, follows Corsair's October 2022 sale of NoteMachine's UK ATM and Testlink divisions to the Brink's Company.
Under Corsair's ownership, eurochange expanded from 96 to over 230 locations, developing partnerships with major UK retailers and financial institutions including Morrisons and NatWest. The acquisition aligns with Western Union's strategy to enhance its retail distribution model and expand its owned locations network in high-volume areas across key global markets.
The deal strengthens Western Union's consumer services segment, which experienced double-digit revenue growth in 2024. As eurochange was already a Western Union agent, the acquisition brings a long-term partner into the Western Union family while expanding available products and services. Canaccord Genuity served as the sole financial adviser for the transaction.
Western Union ha completato l'acquisizione di eurochange, un importante rivenditore di denaro da viaggio nel Regno Unito, da Corsair. La transazione, finalizzata il 7 aprile 2025, segue la vendita da parte di Corsair, nell'ottobre 2022, delle divisioni ATM di NoteMachine e Testlink alla Brink's Company.
Sotto la proprietà di Corsair, eurochange è cresciuto da 96 a oltre 230 sedi, sviluppando partnership con importanti rivenditori e istituzioni finanziarie del Regno Unito, tra cui Morrisons e NatWest. L'acquisizione è in linea con la strategia di Western Union di migliorare il proprio modello di distribuzione al dettaglio ed espandere la rete di sedi di proprietà in aree ad alto volume nei principali mercati globali.
Questo accordo rafforza il segmento dei servizi ai consumatori di Western Union, che ha registrato una crescita a doppia cifra dei ricavi nel 2024. Poiché eurochange era già un agente di Western Union, l'acquisizione porta un partner a lungo termine nella famiglia di Western Union, ampliando i prodotti e servizi disponibili. Canaccord Genuity ha svolto il ruolo di unico consulente finanziario per la transazione.
Western Union ha completado la adquisición de eurochange, un destacado minorista de dinero de viaje en el Reino Unido, de Corsair. La transacción, finalizada el 7 de abril de 2025, sigue a la venta de Corsair en octubre de 2022 de las divisiones de cajeros automáticos de NoteMachine y Testlink a Brink's Company.
Bajo la propiedad de Corsair, eurochange se expandió de 96 a más de 230 ubicaciones, desarrollando asociaciones con importantes minoristas e instituciones financieras del Reino Unido, incluyendo Morrisons y NatWest. La adquisición está alineada con la estrategia de Western Union para mejorar su modelo de distribución minorista y expandir su red de ubicaciones propias en áreas de alto volumen en los principales mercados globales.
El acuerdo fortalece el segmento de servicios al consumidor de Western Union, que experimentó un crecimiento de ingresos de dos dígitos en 2024. Dado que eurochange ya era un agente de Western Union, la adquisición trae a un socio a largo plazo a la familia de Western Union, ampliando los productos y servicios disponibles. Canaccord Genuity actuó como el único asesor financiero para la transacción.
웨스턴 유니온은 유로체인지를 인수 완료했습니다. 유로체인지는 영국의 주요 여행 돈 소매업체로, Corsair로부터 인수하였습니다. 이 거래는 2025년 4월 7일에 완료되었으며, Corsair가 2022년 10월에 NoteMachine의 영국 ATM 및 Testlink 부서를 Brink's Company에 판매한 것에 이어 이루어졌습니다.
Corsair의 소유 하에 유로체인지는 96개에서 230개 이상의 지점으로 확장되었으며, Morrisons 및 NatWest와 같은 주요 영국 소매업체 및 금융 기관과의 파트너십을 발전시켰습니다. 이번 인수는 웨스턴 유니온의 소매 유통 모델을 강화하고 주요 글로벌 시장의 고부가가치 지역에서 소유 지점 네트워크를 확장하려는 전략에 부합합니다.
이 거래는 2024년에 두 자릿수 수익 성장을 경험한 웨스턴 유니온의 소비자 서비스 부문을 강화합니다. 유로체인지가 이미 웨스턴 유니온의 대리점이었기 때문에, 인수는 웨스턴 유니온 가족에 장기 파트너를 가져오면서 제공되는 제품과 서비스를 확장합니다. Canaccord Genuity는 거래의 단독 재무 자문 역할을 했습니다.
Western Union a finalisé l'acquisition de eurochange, un détaillant de devises de voyage leader au Royaume-Uni, auprès de Corsair. La transaction, finalisée le 7 avril 2025, fait suite à la vente par Corsair en octobre 2022 des divisions de distributeurs automatiques de NoteMachine et Testlink à Brink's Company.
Sous la propriété de Corsair, eurochange est passé de 96 à plus de 230 emplacements, développant des partenariats avec de grands détaillants et institutions financières britanniques, notamment Morrisons et NatWest. L'acquisition s'inscrit dans la stratégie de Western Union visant à améliorer son modèle de distribution au détail et à élargir son réseau d'emplacements détenus dans des zones à fort volume sur des marchés mondiaux clés.
L'accord renforce le segment des services aux consommateurs de Western Union, qui a connu une croissance à deux chiffres de son chiffre d'affaires en 2024. Étant donné qu'eurochange était déjà un agent de Western Union, l'acquisition apporte un partenaire à long terme dans la famille de Western Union tout en élargissant les produits et services disponibles. Canaccord Genuity a agi en tant que conseiller financier exclusif pour la transaction.
Western Union hat die Übernahme von eurochange abgeschlossen, einem führenden britischen Einzelhändler für Reisewährung, von Corsair. Die Transaktion, die am 7. April 2025 abgeschlossen wurde, folgt auf den Verkauf von Corsair im Oktober 2022 der UK-ATM- und Testlink-Divisionen von NoteMachine an die Brink's Company.
Unter Corsairs Eigentum wuchs eurochange von 96 auf über 230 Standorte und entwickelte Partnerschaften mit großen britischen Einzelhändlern und Finanzinstituten, darunter Morrisons und NatWest. Die Übernahme entspricht der Strategie von Western Union, ihr Einzelhandelsvertriebsmodell zu verbessern und ihr Netzwerk eigener Standorte in umsatzstarken Gebieten in wichtigen globalen Märkten auszubauen.
Der Deal stärkt das Segment der Verbraucherdienste von Western Union, das im Jahr 2024 ein zweistelliges Umsatzwachstum verzeichnete. Da eurochange bereits ein Agent von Western Union war, bringt die Übernahme einen langfristigen Partner in die Familie von Western Union und erweitert das verfügbare Produkt- und Dienstleistungsangebot. Canaccord Genuity fungierte als alleiniger Finanzberater für die Transaktion.
- Western Union's consumer services segment achieved double-digit revenue growth in 2024
- Acquisition expands Western Union's owned retail locations in high-volume areas
- Integration of existing agent relationship reduces operational risks
- Expansion of product and service offerings to customer base
- Acquisition costs and integration expenses may impact short-term financials
Insights
Western Union's acquisition of eurochange marks a strategic expansion of the company's retail footprint in the United Kingdom. This transaction represents a vertical integration move, as eurochange was already operating as a Western Union agent prior to the acquisition.
The deal aligns perfectly with Western Union's stated strategy of transitioning to a more dynamic retail distribution model that includes expanding their network of owned locations in high-volume areas across key global markets. This acquisition builds upon Western Union's consumer services segment, which the company notes grew revenue double digits in
Eurochange's impressive growth trajectory under Corsair's ownership—expanding from 96 locations to over 230—suggests Western Union is acquiring a well-managed operation with established market presence. The company's partnerships with major UK retailers and financial institutions like Morrisons and NatWest provide Western Union with enhanced distribution channels and greater market penetration.
From a strategic perspective, this acquisition accomplishes multiple objectives: it secures a physical retail network in a key market, brings an existing partner fully under Western Union's control, and creates opportunities to expand product and service offerings to an established customer base. The move represents a commitment to maintaining omnichannel capabilities while leveraging eurochange's market position in travel money services.
Since the acquisition of eurochange, it has become a leading high street retailer of travel money, growing the store estate from 96 locations to over 230. This has been supported by new and expanded partnerships with leading
“With Corsair’s investment and supportive partnership over the past several years, significant progress has been made to propel the business forward,” said Philip Bowcock, Executive Chair of eurochange. “Their strategic guidance and resources have allowed us to expand our footprint and strengthen our market leading position, setting the stage for a successful exit with a platform for continued growth of the business.”
“We are pleased with the growth and transformation achieved through our partnership with the Company,” said Raja Hadji-Touma, Partner at Corsair. “By working closely with the team, we were able to accelerate expansion, enhance operations and position the Company for long-term success on a foundation of skilled, capable leaders. This transaction, the second sale of a NoteMachine asset to a strategic acquirer, marks a strong outcome for investors. We are confident the business is well-positioned for its next chapter.”
“The acquisition of eurochange accelerates the momentum of our consumer services segment, which grew revenue double digits in 2024. It also builds upon our strategy of moving to a more dynamic retail distribution model that includes expanding our network of owned locations in high volume areas, across key global markets. Added to that, since eurochange is already a Western Union agent, this acquisition will bring a long-term partner into the Western Union family, while expanding the products and services available to our customer base,” said Giovanni Angelini, President,
The transaction was finalized as of Monday, April 7, 2025. Canaccord Genuity acted as sole financial adviser to Corsair and eurochange.
About Corsair
Corsair is a specialist investment firm offering opportunities for investors and solutions for companies across its private markets Buyouts and Infrastructure businesses. The firm’s buyouts business is a financial services investor focused on making control investments in three verticals: payments, software, and business services. The infrastructure business operates as a strategic partnership with Investcorp as of December 2023. Investcorp Corsair focuses primarily on value-add opportunities in transportation, logistics, and associated infrastructure subsectors, blending operating platforms and deep sectoral expertise with equity sponsorship. Corsair has invested
About eurochange
eurochange is one of the UK’s leading foreign exchange experts, specialising in travel money, international payments, money transfers and remittance services for retail, business and banking customers.
In operation since 1975, the company has expanded significantly to now include over 230 branches throughout
But throughout every change, our brand vision has remained the same: to add value to every customer’s journey, offering competitive pricing and service alongside inspiration and expertise. This is reflected by our consistently superb reputation, with an ‘Excellent’ Trustpilot rating from over 20,000 reviews and robust rates of repeat custom.
About The Western Union Company
The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and over 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.
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Media
Prosek Partners
E: pro-Corsair@prosek.com
Source: Corsair
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