Californian fintech company Ripple will sell part of 8.6% of its securities to MoneyGram. The deal is currently underway.
According to the reporting sent to the US Securities Commission, on November 25, Ripple Labs entered into an agreement with the payment system, under which the fintech company has the right to sell up to 4 million ordinary shares of MoneyGram. The term of the option is set on the date when the maximum part of the assets will be realized or a number of other ordinary events affecting the issuer take place, but no later than March 31 of the following year. After the sale, Ripple will own 4.44% of MoneyGram.
“We are proud to work with MoneyGram. The decision to sell shares was made solely for the purpose of obtaining some return on investment and is not a reflection of the current state of our partnership, ”Ripple representatives commented.
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