The world's second-best money transfer firm, MoneyGram International Inc, was put to auction. Carlyle Group LP, TPG Capital LP, Bain Capital LLC and GTCR LLC were some of the private equity firms competing for the said company. Four sources acquainted with the subject stated this week.
The sale was administered by Bank of America Corp. The sources added that two more industry bidders were interested with the probable takeover although the names of the parties were not specified.
MoneyGram, Bank of America, Carlyle, TPG, Bain and GTCR refused to give a statement about the matter.
MoneyGram was worth US$1.3 billion after its shares increased to 2.5%. This year, the market value of the company jumped 65%.
The money-transfer provider which was second to Western Union Co., owns more than 321,000 outlets in 198 countries. The company's stock was already booming hence, stockholders expected to receive even more from the business' cash flow as dividends.
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