A PYMNTS Company

China: Alibaba Affiliate raises offer for MoneyGram to $1.2 bn

By  |  April 17, 2017

China’s Ant Financial has raised its offer for electronic payment firm MoneyGram International and the deal was unanimously approved by the US firm’s board, outbidding rival Euronet Worldwide.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Ant, the finance affiliate of Alibaba, increased its offer to $18 per share in cash from $13.25, and the transaction is valued at around $1.2 billion, a statement by Ant and MoneyGram said.

    A successful deal would be the Ant’s first major step to expand its business overseas. Ant, valued at around $60 billion, is also planning an initial public offering.

    “MoneyGram… will add valuable cross-border remittance capabilities to the Ant Financial ecosystem, serving our more than630 million users globally,” Doug Feagin, President of Ant Financial International, said in the statement.

    Euronet has said its offer has a better chance at regulatory approval.

    Full Content: Bloomberg

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.