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Sard Verbinnen & Co. and Joele Frank, Wilkinson Brimmer Katcher work the fallout from the collapse of China-based Ant Financial Services Group’s $1.2B bid for MoneyGram, money transfer operation.
The partners pulled the plug on the deal yesterday, citing inability to get the blessing of the Committee on Foreign Investment in the US.
That rejection comes as tensions rise between China and the US, and the Trump Administration’s growing concern about the theft of American intellectual property.
In announcing the deal’s death, MoneyGram CEO Alex Holmes noted the “geopolitical environment has changed considerably” since the merger was announced Jan. 26, 2017.
The potential for China’s investment in the US appeared to be bright following the US election. Jack Ma, the Chinese Internet baron who controls Ant Financial, appeared with president-elect Trump at a Trump Tower photo-op and promised to create one million jobs in the US.
SV&C’s Paul Kranhold, Reze Wong and Andrew Duberstein represent Ant Financial in the US, while Rick Carew and Yin Ai handle China.
JFWBK’s Michael Freitag, Joseph Sala and Viveca Tress work the MoneyGram account.
WPP tops the Financial Times’ list of the biggest stock market losers for 2025. The share price of the owner of Burson and Ogilvy has plummeted 60 percent so far this year.
FTI Consulting handles media for Modivcare Inc., the Denver-based provider of non-emergency healthcare services. as a Texas federal bankruptcy court confirms its Chapter 11 restructuring plan.
WPP shares have been dropped from the London Stock Exchange’s prestigious FTSE 100 index as its stock market price has plunged by two-thirds this year.
Public Policy Holding Company registered 23.8 percent Q3 growth to $48.8M, with organic growth contributing 4.5 percent and the balance driven by merger & acquisition activity.
Publicis Groupe reported 3.1 percent in Q3 growth to $4B, sparked by a 3.6 percent jump North America, its biggest market.
