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MoneyGram Jumps on Reported Takeover Interest From PE Firm Advent

MoneyGram may be an acquisition target of private equity firm Advent, a media report says. The stock is higher.
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MoneyGram  (MGI)  shares were higher after a media report said the Dallas money-transfer-services company might have drawn acquisition interest from a private equity firm. 

The company is "rumored to be in the sights of private equity group Advent," the Financial Times reported on Friday. The news service didn't say where it it got that information. 

The speculation about Advent's interest surfaced as MoneyGram is close to closing a major debt refinancing, the paper said. That effort could be completed as early as next week, the FT said. 

Advent and MoneyGram both declined to comment to the news service. 

At last check MoneyGram shares jumped 7.8% to $10.76. The shares on June 4 touched a 52-week high $11.86.

Earlier this week, MoneyGram said it would privately offer $415 million of senior secured notes. The notes mature Aug. 1, 2026, and will accrue at a rate of 5.375% a year. 

Earlier this year, MoneyGram unveiled a partnership with Coinme, the largest licensed cryptocurrency cash exchange in the U.S. The move enables customers using the CoinMe app to buy and sell bitcoin at MoneyGram outlets.

The partnership opens MoneyGram "to an entirely new customer segment," as the venture with CoinMe connects bitcoin to local fiat currency, Alex Holmes, MoneyGram chairman and chief executive, said in a statement.