DALLAS, May 4, 2023
/PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI)
("MoneyGram" or the "Company"), a leading global financial
technology company that connects the world's communities, today
provided an update on its previously announced agreement (the
"Merger Agreement") to be acquired by funds affiliated with Madison
Dearborn Partners, LLC ("MDP").
Today, the parties received approval from the Reserve Bank of
India. As a result, all money
transmission regulators in all applicable domestic and
international jurisdictions have now provided their approval or
non-objection of the transaction. All other regulatory
conditions to closing had previously been met.
MoneyGram and MDP will commence the financing marketing period
pursuant to the Merger Agreement and work to finalize all other
pre-closing activities. Pursuant to the Merger Agreement, the
marketing period may last for as long as fifteen consecutive
business days. The transaction is expected to close on or before
June 1, 2023.
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, store money in mobile wallets, 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.
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 U.S. Securities and Exchange Commission
("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
