Western Union, A Cinderella Story?
TowerGroup comments on the spin-out of Western Union from First Data Corp. as announced last Thursday.
Western Union was a significant source of cash for First Data, but it undeniably played the part of stepchild to the "real" sons and daughters -- the cards business lines. This sudden spin-off will create a Cinderella story for Western Union, building incremental shareholder value while enabling new investment to recoup its leadership position in the face of widening competition. However the position of its siblings, left within "The New First Data," is more in question.
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