MoneyGram to be bought by Madison Dearborn for $1 billion

MoneyGram to be bought by Madison Dearborn for $1 billion

Bloomberg: MoneyGram International Inc., one of the largest money-transfer services in the US, agreed to be acquired by Madison Dearborn Partners for about $1 billion in cash.

The private equity firm will pay $11 a share for Dallas-based MoneyGram, the companies said in a statement. The price is 23% higher than the closing price Monday. Madison Dearborn also agreed to refinance $799 million of the target’s debt.

MoneyGram has been a takeover target for years, as more people turn to online payments and away from old-school money-transfer services. Chinese financial-services conglomerate Ant Group Co. agreed to buy MoneyGram in 2017, but walked away after pushback from regulators. Rival Western Union Co. sought to acquire the company in 2020, people familiar with the matter said at the time.