A PYMNTS Company

US: Alibaba affiliate outbid for MoneyGram

 |  March 14, 2017

US electronics payments provider Euronet Worldwide said on Tuesday it offered to buy money-transfer company MoneyGram International for $15.20 per share, trumping Ant Financial’s bid of $13.25 per share.

Euronet said its offer for each MoneyGram common share and preferred stock, on an as-converted basis, valued the company at more than $1 billion, in addition to the assumption of about $940 million of MoneyGram’s outstanding debt.

On Jan. 26 Ant Financial Services, the payment affiliate of Chinese e-commerce firm Alibaba Group Holding, offered to buy all of MoneyGram’s common and preferred shares on a fully diluted basis in a deal valued at about $880 million. The company said it would also assume or refinance MoneyGram’s outstanding debt. Based on MoneyGram’s roughly 53 million outstanding shares, Euronet’s bid is valued at about $807 million, higher than Ant Financial’s offer of about $703 million, according to calculations from Reuters.

Full Content: Fortune

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