MoneyGram merger with Madison Dearborn receives penultimate regulatory approval

MoneyGram provided an update on its agreement to be acquired by funds affiliated with Madison Dearborn Partners, 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, the company and MDP have made significant progress toward completing the closing conditions to the merger and expect to complete the transaction early in 1Q23. 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 in the U.K. and the National Bank of Belgium where MoneyGram holds its European license. The Hart-Scott-Rodino waiting period has expired. 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.