MoneyGram Gains as Three PE Firms Show Interest in Buying Firm

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MoneyGram Gains as Three PE Firms Show Interest in Buying Firm
Credit: © Reuters.

By Dhirendra Tripathi

Investing.com – MoneyGram stock (NASDAQ: MGI ) rose 3% Tuesday on a Reuters report that several private equity firms had made competing offers to acquire the company.

The report named Madison Dearborn Partners, Siris Capital Group and Advent International as firms interested in the money transfer company.

Madison Dearborn and Advent made separate offers last year, according to Reuters. MoneyGram set a Jan. 24 deadline to receive binding acquisition offers, the report said. 

Four years back, American authorities turned down a proposed deal by China’s Ant Financial to acquire MoneyGram on grounds of national security.

MoneyGram has become an acquisition target as intense competition from digital rivals and fintech platforms has weighed on its business. The company has undertaken steps to capture a share of the growing digital payments as well as crypto-based markets.

Earlier this month, it bought a 4% stake in cryptocurrency trading company Coinme. Last October, it announced a blockchain partnership that relies on fintech firm Circle's USD Coin , one of the world's fastest-growing dollar digital currencies.

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