Deals Afoot? Hulu, Western Union-Travelex in the Buzz
Reports circulate that Hulu's high-powered owners approached some bidders, and that Western Union wants to buy the global business payments business of Apax.
In the Friday buzz were speculation about an approach to possible bidders by Hulu LLC -- the online-video service that is exploring a sale -- and about a purchase being sought by Western Union.
The money-transfer firm was said to be in talks to buy a division of Apax Partners LLP’s Travelex foreign-exchange business for about $1 billion.
Hulu -- whose current owners include Walt Disney Co., News Corp. and Comcast Corp.’s NBC Universal unit -- was reported by the Los Angeles Times to be exploring a sale. Bloomberg News said a person familiar with the process reports that Hulu’s owners have reached out to 10 to 12 potential bidders through its bankers.
Google Inc., Yahoo Inc. and Microsoft Corp. have met with Hulu bankers Morgan Stanley and Guggenheim Partners, said the person, who wasn’t authorized to speak publicly.
Elisa Schreiber, a spokeswoman for Hulu, declined to comment to Bloomberg.
At Western Union Co., people with knowledge of the matter told Bloomberg of the pursuit of the Travelex business. Western Union, based in Englewood, Colorado, may announce an agreement to acquire Travelex’s global business-payments unit as early as next week, said the people, who didn’t wish to be named because the talks are private.
Travelex is the world’s largest non-bank provider of foreign-exchange services to corporations, according to its website.
Ben Harding, a spokesman for London-based private-equity firm Apax, and Tom Fitzgerald at Western Union declined to comment to Bloomberg. Dani Filer at Travelex didn’t immediately respond to a message seeking comment.