Western Union Completes Purchase Of Custom House

ENGLEWOOD, Colo. (AP) — Western Union Co. said Tuesday it completed the acquisition of business-to-business payments provider Custom House Ltd. for $370 million in cash.

Custom House, based in British Columbia, focuses on cross-border payments for small to mid-sized companies. In a statement, Western Union said the deal will "introduce Western Union to a new market, significantly expanding its service offerings and customer base."

Custom House, which will become part of the Western Union Global Payments segment, will continue to be headquartered in Canada under the leadership of its existing management team.

"We believe that leveraging the brand, global footprint and financial strength of Western Union will enable Custom House to accelerate its international expansion and growth," said Christina Gold, president and CEO of Western Union.

Shares of Western Union slipped 33 cents, or nearly 2 percent, to close at $17.71 Tuesday.