Western Union Buys $200 Million Stake in Saudi Telecom Unit

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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.

Source: https://www.bloomberg.com/news/articles/2020-11-21/western-union-buys-15-stake-in-saudi-telecom-s-stc-pay-unit?srnd=premium-middle-east

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