MoneyGram agrees to be acquired by MDP
By MYBRANDBOOK
Private equity firm Madison Dearborn Partners would buy MoneyGram International Inc. in a $1.8 billion deal, seeking to turn around the fortunes of the debt-laden money transfer platform buffeted by stiff competition.
Madison will refinance MoneyGram's outstanding debt after the deal closes, which is expected in the fourth quarter of this year. MoneyGram became an acquisition target as it struggled to capture the growing market for payments and remittances amid competition from rivals, with nearly $800 million in net debt and more than 150 million customers.
Alex Holmes, CEO, MoneyGram, says, “By partnering with MDP and becoming a private company, we will have greater opportunities to innovate and transform MoneyGram to lead the industry in cross-border payment technology and deliver a more expansive set of digital offerings, while leveraging our global platform for new customers and use cases.”
He further added, “This transaction is the culmination of a thorough process by the MoneyGram Board to enhance shareholder value while positioning our business for continued growth and expansion. MoneyGram has undergone a rapid transformation over the last several years to expand our digital capabilities and adapt to the evolving needs of our customers.”
The transaction is expected to close in the fourth quarter of 2022, subject to customary closing conditions, including approval by MoneyGram shareholders and receipt of regulatory approvals, including required approvals in various jurisdictions related to money transmitter licenses. Upon completion of the transaction, MoneyGram will become a private company and MoneyGram shares will no longer be listed on any public market.
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