Western Union to Buy Israeli Fintech GMT for About NIS 200 Million
Israeli fintech company GMT is being sold to Western Union, one of the world’s largest international money transfer companies, in a deal worth about NIS 200 million, according to Calcalist.
Western Union will buy all of GMT’s shares from the Saruk and Tayer families, who founded the company. GMT employs 100 people and operates from Ramat HaHayal.
GMT specializes in international and domestic money transfers, payroll account management, foreign exchange services, prepaid cards and advanced payment solutions. Its technology will be integrated into Western Union’s global network.
The company’s business is built on an online platform alongside a physical network of more than 350 service points across Israel. On the regulatory side, GMT operates under a Securities Authority license, holds a banking identification code 69 from the Bank of Israel granted a few months ago, and earlier this month received a payment company license from the Securities Authority that will allow it to compete in some services currently offered by banks. GMT was represented by attorneys Tal Eliasaf, Asif Rosenberg and Golan Kanti of Naschitz Brandes Amir & Co., while Western Union was represented by Cliff Flig, Keren Sadeh (Mizrahi), Niva Berg-Livnat and Udim Zimmerman of Meitar.
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