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Ripple is selling about a third of its stake in the MoneyGram payment service. This is the first such deal since the start of close cooperation between the two players.
SEC filed reportingRipple owns 6.22 million shares of MoneyGram, or 8.6% of the total. The Californian fintech company also has warrants to buy another 5.95 shares. These securities allow Ripple to increase its stake in MoneyGram to 12.17 million shares, or 17% of the total.
Ripple intends to sell 4 million shares. This is approximately 33.3% of its share in the payment service, if we take into account the securities represented by warrants. After the sale, the company will retain 3.22 million shares, corresponding to a 4.44% stake in MoneyGram.
Ripple’s purchase of a stake in MoneyGram took place in 2019 – company acquired shares at $ 4.10 per share. Nasdaq-listed securities under the ticker have risen 260% YTD and are currently trading at $ 7.42. The sale of shares bodes well for the Californian company.
Data: Yahoo Finance.
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“This is an exceptionally well thought out financial decision to realize some of the return on Ripple’s investment in MGI. This is in no way a reflection of the current status of our partnership, ” stated company representatives.
В Ripple stressedthat the process of selling shares has not yet been completed.
As a reminder, in the third quarter MoneyGram got $ 9.3 million from Ripple.
From January to the end of March, MoneyGram received $ 16.6 million from a fintech startup. In the second quarter, the volume of payments made up $ 15 million
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