MoneyGram has purchased U.K.-based MTI Money Transfer to improve MoneyGram's control over its remittance network and expand the Dallas-based company's presence in Europe.
The companies did not disclose financial terms of the deal. MTI is a provider of MoneyGram services and has over 500 locations in the U.K., Ireland, Denmark, Norway, Sweden, Finland and the Czech Republic.
"This acquisition will enable MoneyGram to further accelerate its position in the European retail market," said Carl-Olav Scheible, an executive vice president at MoneyGram in Europe and Africa, in a press release Sept. 2. "Direct control of the MTI network and sales force brings us one step closer to the consumer."
MoneyGram's earlier acquisitions include last year's purchases of Advanced ChronoCash Services and MoneyGlobe Payment Institution, which are both based in Athens, Greece.