Due to regulatory requirements and consumer demand in Germany and France, MoneyGram opened company stores in both countries. On March 7, 2011, MoneyGram entered into a Recapitalization Agreement with THL, as the holder of all of the B Stock, and Goldman Sachs, as the holder of all of the B-1 Stock. When sending the transfer via MoneyGram in one currency and receiving it in another, then currency conversion is carried out at the current rate of sales of current service point. MoneyGram completed the acquisition of MoneyCard World Express, S.A. (MoneyCard) and Cambios Sol, S.A., two money transfer super-agents located in Spain. MoneyGram completed the rollout of simplified pricing for money transfer services in the U.S., an initiative that began last year.