DALLAS, Jan. 31, 2017 /PRNewswire/ -- MoneyGram (NASDAQ: MGI) announced that as a result of the pending merger with Ant Financial, the company will not host a conference call to discuss its fourth quarter and full year 2016 financial results, as previously announced. MoneyGram will still report its financial results via a press release on February 14, 2017.
On January 26, 2017, the company entered into a definitive agreement under which MoneyGram will merge with Ant Financial. The transaction is valued at approximately $880 million for all of MoneyGram's common and preferred shares on a fully diluted basis and Ant Financial will assume or refinance MoneyGram's outstanding debt. The transaction has been approved by the MoneyGram Board of Directors. In addition, Thomas H. Lee Partners and certain MoneyGram executives who collectively own approximately 46% of the outstanding voting shares of MoneyGram have entered into agreements with MoneyGram to vote in favor of the transaction. The transaction is subject to the approval of MoneyGram stockholders, regulatory approvals and other customary closing conditions. The acquisition is expected to close in the second half of 2017.