Alibaba affiliate Ant Financial to acquire MoneyGram
January 30, 2017 Category Mergers & Acquisitions, Weekly
Ant Financial Services Group, an affiliate of Alibaba Group Holding, has agreed to buy U.S.-based money-transfer provider MoneyGram International in a deal valued at USD880 million. “The acquisition of MoneyGram is a significant milestone in our mission to bring inclusive financial services to users around the world,” Ant Financial Chief Executive Eric Jing said. The transaction marks the second and biggest acquisition made by Ant Financial in the U.S., following its purchase of biometric security technology company EyeVerify for more than USD100 million last year. Stockholders of Nasdaq-listed MoneyGram will be offered USD13.25 per share in cash by Ant Financial. The two companies said their merger will provide consumers in more than 200 countries and territories with convenient and accessible financial services, connecting MoneyGram’s 2.4 billion bank and mobile accounts, and 350,000 physical locations, with Ant Financial’s users. Ant Financial’s sharpened focus on strategic international acquisitions has been aided by the record USD4.5 billion round of private equity financing it closed in April, which is the single largest private placement by an internet company. Upon completion of the deal, MoneyGram will retain its brand name and management team, the South China Morning Post reports.
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