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BELLEVUE, Wash. --Coinstar Inc. signed a definitive agreement to purchase Travelex Money Transfer Ltd. for about $27 million in cash. TMT is a large money transfer network that operates an agent network in over 17,000 locations in 138 countries.
TMT uses Internet-based technology to provide consumers with an easy-to-use, reliable and cost-effective way to send money around the world, according to Coinstar’s press release. In addition to company-owned locations, TMT has agreements with banks, post offices and other retail locations to supply its service.
“We are very pleased to announce this acquisition and we look forward to adding money transfer to our 4th Wall product portfolio,” said Steve Verleye, senior vice president and general manager of E-Pay at Coinstar Inc. “TMT has done an excellent job designing its technology infrastructure and building its global distribution network.”
Travelex will continue to operate the money transfer business in the United States, France and Italy during a transitional period pending receipt by Coinstar of required governmental licenses.
“Coinstar’s existing e-payment offerings and expansive retail channel in North America was very attractive to us,” said Mohit Davar, chief executive officer of TMT. “We look forward to joining forces with Coinstar to build out our network in North America and around the world.”