Western Union buys 15% stake in Saudi Telecom's digital payment unit

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Western Union, the world’s largest money transfer firm, has acquired a 15% stake in the digital payment unit of Saudi Arabia's STC Group for $200 million.

FILE PHOTO: A man sits on a chair next to Western Union currency exchange office in Prague, Czech Republic, September 8, 2017. REUTERS/David W Cerny/File Photo

The acquisition of stc pay, which values the company at 5 billion riyals , will finance its capital and support long-term expansion plans, Saudi Arabia’s largest telecoms operator said in a statement on Saturday.

 

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