MoneyGram acquisition by MDP gets final regulatory approval
MoneyGram International, Inc. (NASDAQ:MGI) has provided an update on its previously announced agreement to be acquired by funds affiliated with Madison Dearborn Partners, LLC (MDP).
On May 4, 2023, 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.
MoneyGram and private equity firm Madison Dearborn Partners, LLC (MDP) announced in February 2022 a definitive agreement under which funds affiliated with MDP will acquire all outstanding shares of MoneyGram for $11.00 per share in an all-cash transaction valued at approximately $1.8 billion.
Upon completion of the transaction, MoneyGram will become a private company and MoneyGram shares will no longer be listed on any public market.