Authorization

Western Union Announces Sale of Speedpay U.S. Domestic Bill Pay Business and New $1 Billion Share Repurchase Program

The Western Union Company (NYSE: WU), a global leader in cross-border,
cross-currency money movement, and ACI
Worldwide (NASDAQ: ACIW), a leading global provider of real-timeA electronic
paymentA and bankingA solutions, today announced they have
entered into a definitive agreement for ACI to acquire Speedpay, Western
Uniona??s United States bill pay business, for $750 million in an all-cash
transaction. The transaction is expected to close by the end of the
second quarter of 2019, subject to customary closing conditions and
regulatory approvals.


The Company also announced that its Board of Directors approved a new
three-year share repurchase authorization. The new $1.0 billion share
repurchase authorization will expire December 31, 2021 and is in
addition to the $544 million remaining under the previous authorization
as of December 31, 2018.


Hikmet Ersek, president and CEO of Western Union, stated, "Divesting the
Speedpay business allows us to concentrate our resources on our
cross-border money movement strategies and monetize a non-core asset for
our shareholders. Our strategy remains focused on expanding our digital
services, leveraging our platform to unlock new cross-border,
cross-currency payments opportunities, and generating additional
operating efficiencies.a??


Ersek added, "We are also pleased to announce a new share repurchase
authorization, which signifies our continued commitment to
shareholder-focused capital allocation.a??


Speedpay provides electronic bill presentment and payment solutions to a
variety of business sectors in the U.S., including utilities, auto
finance, mortgage, consumer finance, insurance, telecommunications, and
government finance. The Speedpay business generated approximately $350
million of revenue in 2018, representing 6% of total Western Union
revenue, and approximately $90 million of operating income, which
includes approximately $10 million of corporate expenses allocated to
the business.
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