We have advised eurochange, a leading high street retailer of travel money, and Corsair, its majority shareholder, on the sale of the business to a subsidiary of The Western Union Company.
eurochange is one of the UK’s leading foreign exchange experts, specialising in travel money, international payments, money transfers and remittance services for retail, business and banking customers.
Formerly a subsidiary of NoteMachine, eurochange has become a leading high street retailer of travel money since its acquisition, supported by new and expanded partnerships with leading UK retailers and financial institutions including Marks & Spencer and Morrisons (both of which we advised on). Its sale to Western Union follows Corsair's disposal of NoteMachine in October 2022, one of the leading ATM networks in the UK, to the Brink's Company, on which we also advised. This disposal of eurochange represents the full exit of Corsair’s position in the NoteMachine investment.
Commenting on the transaction, Head of Corporate M&A Emma Danks said: "Many congratulations to the eurochange team, its majority shareholder, Corsair, and everyone involved on this significant transaction. Having advised the NoteMachine and eurochange group for a number of years, this sale marks a momentous occasion for all involved and a successful exit of the group as a whole."
Philip Bowcock, Executive Chair of eurochange, said: "Corsair's strategic guidance and resources have allowed us to expand our footprint and strengthen our market leading position, setting the stage for a successful exit with a platform for continued growth of the business. We were delighted to work with Taylor Wessing's outstanding M&A team once again. The attention to detail and strategic insight they brought to the table have been invaluable, and this successful transaction is a testament to their professionalism and dedication."
Raja Hadji-Touma, partner at Corsair, added: “We are pleased with the growth and transformation achieved through our partnership with eurochange. We were impressed with the instrumental support provided by the Taylor Wessing team on the sale of NoteMachine so it was great to work with Emma and the wider team once again on the second sale of a NoteMachine asset."
Our team advising eurochange and Corsair was led by partner Emma Danks and included senior associates Alexandra Poland and Alice Picton, associate Erin Chu, trainee solicitor Cole Fowlis, solicitor apprentice Alex Curd and paralegal Jamie Mehta in the Private Equity team.
The wider team included:
- Banking and Finance: Martin Yells (Partner).
- Commercial Technology: Sian Skelton (Partner) and Oz Watson (Senior Associate).
- Competition: Paolo Palmigiano (Partner) and Louisa Penny (Senior Counsel).
- Employment: Helen Farr (Partner) and Jordan Buckle (Senior Associate).
- Financial Services Regulatory: Charlotte Witherington (Partner) and Mila Pencheva (Senior Associate).
- Paralegal Operations: Rosie Fitton (Paralegal).
- Real Estate: Michael Helfgott (Partner), Charlie Marshall (Associate) and Caoimhe Murnin.
- Tax and Incentives: Graham Samuel-Gibbon (Partner), Claire Matthews (Partner), Elliot Michaelson-Taylor (Senior Associate) and Sally Robertson (Senior Associate).
