In February 2009 the company entered into an agreement with Fexco to acquire 100% of its shares for $ 159.9 million. Payment systems are one of basic elements of infrastructure of e-commerce. Western Union incomes for 2007 have made $4,9 billion US dollars, and the quantity of transactions has made 572 million. In 1991, Western Union has sold some low-profit division of the company AT & T, GM Hughes Electronics, and to some others. In the same year the company changed its name to New Valley Corp. Before transition to remittances Western Union company rendered services on sphere of cable communication. 1970 - a new service called In 1879 Western Union left the telephone business after losing a lawsuit against Alexander Graham Bell - the patent holder on the phone.