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Western Union Buys $200 Million Stake in Saudi Telecom Unit
Western Union Buys 15% Stake in Saudi Telecom’s STC Pay Unit
23 Nov 2020, 02:34 PM IST
(Bloomberg) -- Western Union Co. acquired a 15% stake in stc pay, a unit of Saudi Telecom Co. that’s focused on digital payments and financial technology services, for $200 million.
Saudi Telecom will inject 400 million riyals ($107 million) as additional capital stc pay and a further 802 million riyals if it manages to obtain a digital banking license, according to a statement.
stc pay is a financial company that launched a digital wallet mobile application in 2018. The e-platform provides digital and financial services to individuals and companies, and facilitates financial transactions and payments.
©2020 Bloomberg L.P.
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