(Ecofin Agency) - WorldRemit, the British financial company specializing in cross-border digital payments, has expressed its intention to acquire Sendwave, the electronic money transfer company operating in East and West Africa. The amount of the transaction has not been disclosed, but Bloomberg estimates it to be more than $500 million.

According to Breon Corcoran, WorldRemit's CEO, the company is interested in Sendwave because the two companies share a common goal, which is to enable clients to easily send financial support to family, friends, and businesses in other countries, at cheap fees.

He explained that by combining WorldRemit's money transfer network - one of the largest and most accessible in the world - with Sendwave's network, which offers instant, low fee, all-digital payments from North America and Europe to Africa, WorldRemit will be better able to meet customers' needs for fast and secure digital payments.

WorldRemit indicates that the acquisition is expected to be completed in a cash and share transaction. The company would like to close the acquisition in the fourth quarter of 2020, subject to licenses and regulatory approvals. Upon completion of this transaction, WorldRemit said, Sendwave will continue to operate independently and will retain its mobile applications, brand, management, employees, and key partners.