Euronet Worldwide to buy MoneyGram International for 1.65 billion in stock

Euronet Worldwide Inc. confirmed it delivered a letter to the board of MoneyGram International Inc. on Dec. 4, offering to acquire the Minneapolis-based money transfer company for about $1.65 billion in stock, BusinessWeek reports.

Photo: Euronet Worldwide to buy MoneyGram International for 1.65 billion in stock

Euronet Worldwide, EEFT (Nasdaq), is the largest independent Automated teller machine (ATM) acquiring network in Central/Eastern Europe.

It was founded in 1994 by brothers-in-law Dan Henry and Mike Brown.

Euronet purchased it's software solutions vendor, Arksys, in 1999.

Euronet’s principal activity is to provide secure electronic financial transactions. It operates in three segments: Prepaid Processing, EFT Processing Segment and Software Solutions.

Prepaid processing segment provides prepaid processing and electronic top-up services for prepaid mobile phone airtime. EFT processing segment provides comprehensive electronic payment solutions consisting of ATM network participation, outsourced ATM management solutions and electronic recharge services for prepaid mobile airtime.

Software solutions segment provides integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. On Apr-2006 the group acquired Brodos Romania SRL.

Source: agencies