Western Union has wrapped up the first closing of the sale of its business solutions unit to a consortium of Goldfinch Partners and The Baupost Group for a price of around $910 million in cash.

The deal will close in two stages, as previously announced by Western Union.

The first closing will see Western Union Business Solutions with the exception of the business that is operated via Western Union International Bank in the European Union and the UK, was sold.

The second closing will involve the transfer of the remaining Western Union Business Solutions business. It is anticipated to be closed in the latter half of this year.

As per the terms of the deal, Western Union received the full proceeds from the divestiture in the first closing.

  Goldfinch Partners, The Baupost Group, USA, Western Union, Western Union International Bank