Euronet Worldwide no longer interested in MoneyGram

By Lisa Kerner

Charlotte, N.C., Feb. 28 - Euronet Worldwide Inc. blamed market conditions for its decision to back off from a possible acquisition deal with MoneyGram International, Inc.

"Although the acquisition has tremendous industrial logic, and may be quite beneficial to MoneyGram's shareholders, the current debt and equity markets will not enable us to acquire MoneyGram on terms that would give our Euronet shareholders the accretion and return on investment that we would require," Euronet chairman and chief executive officer Michael J. Brown explained in a company news release.

On Feb. 20, Euronet announced it might try again to acquire MoneyGram. Euronet offered to acquire MoneyGram in an all-stock transaction valued at $1.65 billion, or $20 per MoneyGram share, in December.

It was previously reported that Thomas H. Lee Partners, LP and affiliates of Goldman, Sachs & Co. are expected to make an equity investment in MoneyGram up to $775 million.

MoneyGram's go-shop period under its agreement with the investors ends March 7.

Based in Leawood, Kan., Euronet provides electronic payment services.

MoneyGram is a payment services company located in Minneapolis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.