MoneyGram International, Inc. (NASDAQ:MGI) today released financial results for its second quarter ended June 30, 2022.
Second Quarter 2022 Business Highlights
MoneyGram International Reports Second Quarter 2022 Results
“Against the backdrop of an increasingly uncertain macro-economic environment, we delivered 5% year-over-year revenue growth in the second quarter on a constant currency basis. Results for the quarter were driven by record digital revenue, partially offset by continued softness in the walk-in retail business in certain markets,” said Alex Holmes MoneyGram Chairman and CEO. “As we look ahead to the second half of the year, we anticipate consumers globally will face challenges as the impact of rising inflation places more pressure on their disposable incomes. However, our services also rise in importance during challenging times. We remain confident in the dedication and loyalty of our customers to their families abroad, as we look to further support them by investing in our digital platforms and customer experience initiatives.”
Recent Management Updates
As announced yesterday, Brian Johnson, who currently serves as Head of Corporate Finance and Global Treasurer, has been named Chief Financial Officer, effective September 1, 2022. He succeeds Larry Angelilli, who has been appointed Executive Vice Chairman of MoneyGram, effective on the same date. In this role, Angelilli will help ensure an orderly transition of the CFO role and assist on external relations and other strategic matters.
MoneyGram also announced that Anna Greenwald, who currently serves as Chief Readiness Officer, has been appointed Chief Operating Officer, effective immediately. In addition to her existing responsibilities, which include oversight of global go-to-market, product, customer care, agent network oversight and engagement and global regulatory exam readiness, Greenwald will also assume responsibility for the global IT organization.
Recent Merger Updates
MoneyGram and Madison Dearborn Partners, LLC (“MDP”) continue to make progress toward completing the closing conditions of the previously announced merger transaction. To date, money transmitter regulators in 32 U.S. states and territories have provided their approval or non-objection of the transaction. All supplemental U.S. state filings have been submitted. The required pre-transaction notifications and applications to international money transmitter regulators have been made or are on track to be filed shortly, and the parties continue to engage with the regulators.
As previously disclosed, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired and MoneyGram stockholders have overwhelmingly approved the transaction. The parties have submitted all applicable foreign antitrust and Foreign Direct Investment filings.
The transaction is expected to close in the fourth quarter of 2022, subject to customary closing conditions, including receipt of certain regulatory approvals.