Provides Update on Progress to Close
Transaction
DALLAS, May 23, 2022
/PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI)
(the "Company"), a global leader in the evolution of digital P2P
payments, today announced that stockholders overwhelmingly approved
the transaction with affiliates of funds managed by Madison
Dearborn Partners, LLC (collectively, "MDP"). Based on the
preliminary voting results from the Special Meeting of Stockholders
held today, over 99% of votes cast were in favor of the
transaction. The companies remain on track to close the
transaction in the fourth quarter 2022, subject to receipt of
remaining regulatory approvals, including required approvals in
various jurisdictions related to money transmitter licenses.
"I want to thank our stockholders for their overwhelming support
for our transaction with MDP," said Alex
Holmes, MoneyGram Chairman and CEO. "With the approval of
MoneyGram stockholders and the other key milestones achieved to
date, we believe we are on track to complete the transaction in the
fourth quarter. We look forward to joining forces with MDP and
capitalizing on the significant opportunities we see ahead for the
MoneyGram team, our partners and our customers around the
world."
In addition to MoneyGram stockholders' approval of the
transaction, MoneyGram and MDP have achieved a number of other
milestones necessary to complete the transaction, including:
- The waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 has expired in connection with the
previously filed premerger notification form submitted by MoneyGram
and MDP.
- The companies have submitted all applicable foreign antitrust
filings except for one jurisdiction which is close to being
finalized and all applicable Foreign Direct Investment filings have
been made.
- To date, 12 state money transmitter regulators have provided
their approval or non-objection of the transaction. The required
international money transmitter regulators have all been notified
of the transaction and any related supplemental filings are in
process and will be filed in due course.
The final voting results will be reported in a Current Report on
Form 8-K to be filed with the Securities and Exchange Commission
after certification by MoneyGram's inspector of elections.
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:
Stephen Reiff
media@moneygram.com
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SOURCE MoneyGram