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), 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, MoneyGram 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.”