In February 2009 the company entered into an agreement with Fexco to acquire 100% of its shares for $ 159.9 million. As a result of 2011, net income of Western Union has increased by 28% to $ 1.165 billion, the company reported. Another invention of Western Union - time synchronization. Money transfer is a matter of minutes, at any distance. 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. In October 1871 the company Western Union began to provide money transfer services, drawing on its own extensive telegraph network. Western Union for more than 130 years provides money transfer services to its customers.