MoneyGram and MDP have received all but one
regulatory approval and expect to close the transaction in early Q1
2023
DALLAS, Dec. 21,
2022 /PRNewswire/ -- MoneyGram International,
Inc. (NASDAQ: MGI) (the "Company"), a global leader in the
evolution of digital P2P payments, today provided an update on its
previously announced agreement to be acquired by funds affiliated
with Madison Dearborn Partners, LLC ("MDP"), which was approved
with over 99% of shareholder votes cast in favor of the merger in
May of this year. Over the past few months, the Company and MDP
have made significant progress toward completing the closing
conditions to the merger and expect to complete the transaction
early in the first quarter of 2023.
To date, money transmission regulators in all applicable U.S.
states and territories have provided their approval or
non-objection of the transaction. In addition, the parties
have obtained all but one approval from international money
transmission regulators and have received approval from the
Financial Conduct Authority (FCA) in the United Kingdom and the National Bank of
Belgium where MoneyGram holds its
European license. As previously disclosed, the waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has
expired. The parties previously received all required international
antitrust and foreign direct investment approvals.
Once the final international money transmission regulatory
approval is obtained, the parties will engage in a financing
marketing period. Under the terms of the merger
agreement, the marketing period will commence no sooner than
January 3, 2023, and may last for as
long as fifteen consecutive business days.
"We remain focused on achieving our shared goal to finalize this
transaction as soon as possible," said Alex
Holmes, MoneyGram Chairman and CEO. "As we plan for a first
quarter closing, we're very appreciative of all the parties who
have helped us reach the key milestones throughout this process.
We're eager to officially partner with MDP and continue to execute
our strategic plan as a private company."
"As we approach the close of our transaction with MoneyGram, the
MDP team remains excited about the opportunities ahead," said
Brendan Barrett, a Managing Director
on MDP's Financial and Transaction Services team. "We look forward
to working alongside the strong and experienced team at MoneyGram
to further transform the Company into an industry leader in
cross-border payments delivering innovative financial solutions
that connect the world's communities."
About MoneyGram International, Inc.
MoneyGram International, Inc. (NASDAQ: MGI), a global leader in
the evolution of digital P2P payments, delivers innovative
financial solutions to connect the world's communities. With a
purpose-driven strategy to mobilize the movement of money, a strong
culture of fintech innovation, and leading customer-centric
capabilities, MoneyGram has grown to serve over 150 million people
in the last five years. The Company leverages its modern, mobile,
and API-driven platform and collaborates with the world's top
brands to serve consumers through its direct-to-consumer digital
channel, global retail network, and embedded finance business for
enterprise customers. MoneyGram is also a leader in pioneering
cross-border payment innovation and blockchain-enabled settlement.
For more information, please visit ir.moneygram.com, follow
@MoneyGram on social media, and explore the website and mobile app
through moneygram.com.
Forward Looking Statements
The information included herein contains forward-looking
statements which are protected as forward-looking statements under
the Private Securities Litigation Reform Act of 1995 that are not
limited to historical facts, but reflect the Company's current
beliefs, expectations or intentions regarding future events and
speak only as of the date they are made. Words such as "may,"
"might," "will," "could," "should," "would," "expect," "plan,"
"project," "intend," "anticipate," "believe," "estimate,"
"predict," "potential," "pursuant," "target," "forecast,"
"outlook," "continue," "currently," and similar expressions are
intended to identify such forward-looking statements. The
statements in this communication that are not historical statements
are forward-looking statements within the meaning of the federal
securities laws. Specific forward-looking statements include, among
others, statements regarding the expected timetable for completing
the proposed transaction with MDP, benefits of the proposed
transaction, financing of the proposed transaction, costs and other
anticipated financial impacts of the proposed transaction.
Forward-looking statements are subject to numerous risks and
uncertainties that are difficult to predict and many of which are
beyond the Company's control, which could cause actual results to
differ materially from the results expressed or implied by the
statements. These risks and uncertainties include, but are not
limited to: the timing to consummate the proposed transaction; the
satisfaction of the conditions to closing of the proposed
transaction or the debt financing may not be satisfied or that the
closing of the proposed transaction otherwise does not occur; the
risk that a regulatory approval that may be required to consummate
the proposed transaction is not obtained or is obtained subject to
conditions that are not anticipated or conditions that MDP is not
obligated to accept; the diversion of management time on
transaction-related issues; expectations regarding regulatory
approval of the transaction; actions by third parties, including
governmental agencies; global economic conditions; adverse industry
conditions; adverse credit and equity market conditions; the loss
of, or reduction in business with, key customers; legal
proceedings; the ability to effectively identify and enter new
markets; governmental regulation; the ability to retain management
and other personnel; and other economic, business, or competitive
factors.
Additional information concerning factors that could cause
actual results to differ materially from those in the
forward-looking statements is contained from time to time in the
Company's filings with the SEC. The Company's SEC filings may be
obtained by contacting the Company, through the Company's web site
at ir.moneygram.com or through the SEC's Electronic Data Gathering
and Analysis Retrieval System at www.sec.gov. The Company
undertakes no obligation to publicly update or revise any
forward-looking statement.
Contacts
Investor Relations:
214-979-1400
InvestorRelations@moneygram.com
Media Relations:
Sydney Schoolfield
media@moneygram.com
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SOURCE MoneyGram