The Brink's Company (NYSE: BCO) today announced that it has invested $9 million in MoneyGram International, Inc. (NASDAQ: MGI), one of the world's largest money transfer companies. This equity investment lays the foundation for the companies to develop a long-term strategic partnership to pursue mutually beneficial near and long-term commercial opportunities. The company has no intention to acquire a controlling interest in MoneyGram.
Management intends to continue its proven strategy of aggressively pursuing accretive acquisitions in its core business while also implementing its internal organic growth initiatives. These strategies have created substantial value over the last three years and are expected to drive significant additional value in the future.
Earlier today, Brink's announced that it had invested in MoneyGram during the fourth quarter of 2019 through open market purchases of stock equaling approximately 4.95% of MoneyGram's outstanding shares. The cash management needs of MoneyGram's agent network, which spans more than 200 countries, align closely with the company's next-generation retail solutions.