M&A · Industrials · Services-Business Services, NEC
Madison Dearborn Partners, LLC to acquire MoneyGram International Inc
Announced Feb 15, 2022 · Closed Jun 1, 2023
Deal value$1.80BEV $1.66B
Premium50.0%To unaffected price
EV / Adj. EBITDA10.7x1.3x EV / Revenue
ConsiderationAll cash$11.00 per share
Transaction
- Acquirer
- Madison Dearborn Partners, LLC
- Target
- MoneyGram International Inc
- Buyer type
- Private equity
- Offer price per share
- $11.00
- Enterprise value
- $1.66B
- Status
- Closed Jun 1, 2023
Deal protections
- Break fee (target pays)
- $32.8M · 1.8%
- Reverse fee (buyer pays)
- $65.5M · 3.6%
- Go-shop
- Go-shop
- Financing
- Committed · Goldman Sachs, Deutsche Bank, Barclays, Wells Fargo, BofA Securities
Advisors
- To the acquirer
- Goldman Sachs, Deutsche Bank, Barclays, JPMorgan
- To the target
- BofA Securities
- BofA Securities fee
- $20.2M
Sector context · Industrials
- Comparable deals
- 54 in the prior 24 months
- Premium
- 50.0% vs. 45.0% sector median
- EV / Adj. EBITDA
- 10.7x vs. 11.6x sector median
- Break fee
- 1.8% vs. 2.8% sector median
Timeline
- AnnouncedFeb 15, 2022
- Proxy filedMar 29, 2022
- Definitive proxyApr 21, 2022
- Shareholder voteMay 23, 2022
- ClosedJun 1, 2023
Valuation · fairness opinions
Trading comparables$4.24$8.04
Trading comparables$5.67$10.33
Precedent transactions$5.23$10.18
Discounted cash flow$9.72$15.43
52-week trading range$5.20$12.04
Offer $11.00
Implied value per MoneyGram International Inc share by analysis, from BofA Securities · DCF discount rate 8.3%–10.4%.