MGI - MGI STOCK NEWS

MoneyGram International (NASDAQ: MGI) has confirmed that all but one regulatory approval is in place for its acquisition by Madison Dearborn Partners (MDP). The remaining approval is from the Reserve Bank of India (RBI), which oversees MoneyGram's licensing in India. The RBI's new Circular on Payment System Operators has extended the review timeline. MoneyGram has been communicating with the RBI and expects the closing of the transaction by the end of Q1 or early Q2 2023. The merger agreement's end date has been adjusted to May 14, 2023, incorporating a marketing period post-approval.

MoneyGram International (NASDAQ: MGI) has announced a strategic partnership with Astra Tech, the owner of BOTIM, the leading VoIP solution in MENA. This collaboration enables BOTIM to become the first communications platform in the region to offer seamless international money transfers. With over 90 million registered users, BOTIM will leverage MoneyGram's robust financial services to enhance user experience. The service is expected to be available in the UAE starting February. This partnership highlights the increasing demand for digital financial solutions and aims to revolutionize money transfers, making them as easy as sending a text message.

MoneyGram (NASDAQ: MGI) has announced significant progress in its acquisition by Madison Dearborn Partners (MDP). With 99% of shareholders approving the merger, regulatory approvals from U.S. and international money transmission regulators are nearly complete, with only one remaining. The merger is expected to close in early Q1 2023, following a financing marketing period starting January 3, 2023. MoneyGram's leadership expresses optimism about the partnership, aiming to enhance cross-border payment services and innovative financial solutions.

MoneyGram International (NASDAQ: MGI) has launched MoneyGram Online (MGO) in Brazil, allowing consumers to send funds in near real-time worldwide with zero transaction fees. This service leverages a partnership with Frente Corretora, enhancing MoneyGram's digital presence in Brazil, where demand for digital solutions is on the rise. The launch aims to capture market share in a region where remittances are expected to grow by nearly 10% over the next five years. MoneyGram already has a strong retail presence in Brazil, with over 1,000 locations.

MoneyGram International (NASDAQ: MGI) has announced a partnership with Beyon Money, Bahrain's first financial super app, allowing users to send money in near real-time to over 200 countries. This collaboration enhances Beyon Money's remittance capabilities, building on recent successes in the Middle East's growing remittance market. The service will be live for consumers by the end of the year. MoneyGram aims to leverage this partnership to increase processing revenue and expand its digital service offerings in the region.

MoneyGram International reported robust financial results for Q3 2022, achieving a total revenue of $330.8 million, reflecting a 3.5% increase year-over-year. Digital revenue soared to an all-time high of $95 million, marking a 36% growth. The company witnessed a 39% increase in digital transactions, now accounting for 45% of total money transfer transactions. Despite a dip in operating income to $23.1 million due to rising expenses, net income improved to $4.2 million, up from a loss last year. The company is advancing towards a merger with Madison Dearborn Partners, with most regulatory approvals secured.

MoneyGram International (NASDAQ: MGI) has launched a new service allowing U.S. consumers to trade and store Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) through its mobile app. This service is available in nearly all U.S. states and the District of Columbia, enhancing MoneyGram's crypto-related offerings. The initiative is part of a broader strategy to integrate digital currencies into traditional payment services, supported by partnerships with firms like Coinme. MoneyGram aims to expand its cryptocurrency options as global regulations permit.

MoneyGram International (NASDAQ: MGI) has announced a multiyear title sponsorship with the Haas F1 Team, becoming the MoneyGram Haas F1 Team starting in 2023. This partnership aims to leverage the global reach of Formula 1, which boasts over 500 million viewers. MoneyGram's rebranding strategy aligns with its transformation into a leader in digital payments. The Haas F1 Team, known for resilience and innovation, welcomes MoneyGram to enhance visibility and engagement with consumers in key markets, with the racing season covering 24 races across 21 countries, representing 80% of MoneyGram's transaction value.