Chicago-based private equity firm Madison Dearborn Partners (MDP) has completed a deal for MoneyGram, a US peer-to-peer cross-border payments firm, nearly a year after the deal was announced.
The private equity firm’s funds have completed the all-cash takeover for $11 a share in a deal that takes MoneyGram private, pending delisting from Nasdaq.
“The completion of the transaction with MDP marks the start of a new, transformative chapter for the organisation,” comment Alex Holmes, Chairman and CEO, MoneyGram. “With the support of MDP, MoneyGram is uniquely positioned to accelerate our growth strategy and expand our network to reach more consumers around the world.”
With more than 150 million customers globally in 135 countries, MoneyGram has become an acquisition target after suffering heavy debt and increased competition from rivals such as Western Union and Remitly Global.
Among the potential buyers who have expressed interest in acquiring Chinese remittance company Ant Financial, which has moved $1.2 billion. However, the deal fell through due to the US government’s national security concerns.
approval of global regulators
Last December, in a press release, MoneyGram said that with one exception, all international money transfer regulators, including the UK’s Financial Conduct Authority (FCA) and the Belgian National Bank, where MoneyGram holds its European licenses, had approved the takeover.
Similarly, in the United States, all applicable US states and territories have approved the transaction and the marketing period has commenced prior to January 3, 2023, subject to the terms of the merger.
BofA Securities and Vinson & Elkins LLP acted as financial advisor and legal counsel to MoneyGram, respectively, while Goldman Sachs acted as principal financial advisor to MDP. Furthermore, Latham & Watkins LLP, Kirkland & Ellis LLP and Covington & Burling LLP provided legal advice for the transaction.
in other news, finance poles It reported in February that the United States had begun paying up to $115 million in damages to 38,889 victims of fraudulent schemes perpetrated through MoneyGram. The exchange occurred 12 years after MoneyGram entered into a deferred prosecution agreement with the US Department of Justice.
Revolut reaches 30 million users; cryptocurrency trading on TP ICAP; Read snippets of today’s news.
Chicago-based private equity firm Madison Dearborn Partners (MDP) has completed a deal for MoneyGram, a US peer-to-peer cross-border payments firm, more than a year after the deal was announced.
The private equity firm’s funds have completed the all-cash takeover for $11 a share in a deal that takes MoneyGram private, pending delisting from Nasdaq.
“The completion of the transaction with MDP marks the start of a new, transformative chapter for the organisation,” comment Alex Holmes, Chairman and CEO, MoneyGram. “With the support of MDP, MoneyGram is uniquely positioned to accelerate our growth strategy and expand our network to reach more consumers around the world.”
With more than 150 million customers globally in 135 countries, MoneyGram has become an acquisition target after suffering heavy debt and increased competition from rivals such as Western Union and Remitly Global.
Among the potential buyers who have expressed interest in acquiring Chinese remittance company Ant Financial, which has moved $1.2 billion. However, the deal fell through due to the US government’s national security concerns.
approval of global regulators
Last December, in a press release, MoneyGram said that with one exception, all international money transfer regulators, including the UK’s Financial Conduct Authority (FCA) and the Belgian National Bank, where MoneyGram holds its European licenses, had approved the takeover.
Similarly, in the United States, all applicable US states and territories have approved the transaction and the marketing period has commenced prior to January 3, 2023, subject to the terms of the merger.
BofA Securities and Vinson & Elkins LLP acted as financial advisor and legal counsel to MoneyGram, respectively, while Goldman Sachs acted as principal financial advisor to MDP. Furthermore, Latham & Watkins LLP, Kirkland & Ellis LLP and Covington & Burling LLP provided legal advice for the transaction.
in other news, finance poles It reported in February that the United States had begun paying up to $115 million in damages to 38,889 victims of fraudulent schemes perpetrated through MoneyGram. The exchange occurred 12 years after MoneyGram entered into a deferred prosecution agreement with the US Department of Justice.
Revolut reaches 30 million users; cryptocurrency trading on TP ICAP; Read snippets of today’s news.