DALLAS and CHICAGO, June 1, 2023
/PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI)
("MoneyGram" or the "Company"), a leading global financial
technology company that connects the world's communities, and
Madison Dearborn Partners ("MDP"), a leading private equity
investment firm based in Chicago,
today announced that funds affiliated with MDP have completed their
previously disclosed all-cash acquisition of MoneyGram for
$11.00 per share. MoneyGram's common
stock has ceased trading and will be delisted from the Nasdaq stock
market.
"Completing the transaction with MDP marks the beginning of a
transformative new chapter for the organization," said Alex Holmes, MoneyGram Chairman and CEO. "With
MDP's support, MoneyGram is uniquely positioned to accelerate our
growth strategy, expand our network to reach more consumers
worldwide, and advance our position as the leader in cross-border
payment technology."
"We see tremendous opportunity for MoneyGram's leading financial
technology solutions, particularly in light of the continued, rapid
digitization of the global economy," said Brendan Barrett, a Managing Director on MDP's
Financial and Transaction Services team. "MDP looks forward to
providing the platform and resources for the MoneyGram team to
capitalize on the numerous opportunities ahead and further enhance
its market-leading cross-border capabilities."
Holmes concluded: "We are incredibly appreciative of our
employees, agents and partners, who have placed their trust in us
and continued to provide innovative solutions to our customers
throughout this process. We're excited to work alongside them and
our new investment partners at MDP as MoneyGram builds on its
commitment to deliver exceptional products and value to our
customers."
Advisors
BofA Securities, Inc. served as exclusive financial advisor to
MoneyGram, Vinson & Elkins LLP acted as legal counsel and Paul
Hastings LLP acted as financial services regulatory counsel.
Goldman Sachs & Co. LLC acted as lead financial advisor to
MDP, Deutsche Bank Securities Inc., Barclays and J.P. Morgan
Securities LLC acted as financial advisors to MDP and Latham &
Watkins LLP, Kirkland & Ellis LLP and Covington & Burling
LLP provided legal counsel.
About MoneyGram International, Inc.
MoneyGram International, Inc. is a global financial technology
company that enables consumers and businesses to move and manage
money in nearly every country around the world. Through its
expansive set of fintech offerings, MoneyGram provides millions of
consumers annually the ability to seamlessly send money home to
family and friends, and buy, sell and hold cryptocurrencies on its
industry-leading app. The Company's innovative cross-border
platform enables its customers to send funds directly into bank
accounts and mobile wallets or cash-in and cash-out more than 135
currencies and numerous cryptocurrencies through one of the largest
cash distribution networks in the world. Modern, mobile and
API-driven, MoneyGram's white-labeled remittance service also
provides some of the world's top brands and organizations the
ability to disburse funds directly to their consumer clients. Based
in Dallas and known for its strong
corporate culture globally, MoneyGram has been named a recipient of
the Top Workplaces USA award for
two consecutive years, an honor based entirely on employee
feedback.
About Madison Dearborn Partners, LLC
Madison Dearborn Partners, LLC ("MDP") is a leading private
equity investment firm based in Chicago. Since MDP's formation in 1992, the
firm has raised aggregate capital of over $28 billion and has completed over 150 platform
investments. MDP invests across five dedicated industry verticals,
including financial and transaction services; basic industries;
business and government software and services; health care; and
telecom, media and technology services. For more information,
please visit www.mdcp.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. 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.
Contacts
MoneyGram
Sydney Schoolfield
media@moneygram.com
Madison Dearborn Partners
Deirdre Walsh or Jake Yanulis
H/Advisors Abernathy
abmacmdcp@h-advisors.global 212-371-5999
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SOURCE MoneyGram
