Ant Financial’s proposed take-over of Moneygram faces scrutiny
April 3, 2017 Category Mergers & Acquisitions, Weekly
Ant Financial’s proposed acquisition of MoneyGram International, a money-transfer service, is being questioned, as two members of the U.S. House of Representatives urged the Committee on Foreign Investment in the United States (CFIUS) to conduct a “full and thorough” investigation as the acquisition would provide Chinese access to the U.S. financial infrastructure, posing significant national security risks if completed,” the two members of Congress said. Research firm Beacon Policy Advisors expects the new administration to block “a wide range” of deals as part of Trump’s America First agenda. Ant was valued at USD75 billion by CLSA, a brokerage owned by China’s Citic Securities, in September. The company has more than 630 million users and provides wealth management, insurance, credit checks and consumer loans. However, the transaction won’t give the Chinese government access to personally identifiable information of American citizens collected by MoneyGram in the U.S., and MoneyGram’s servers and data will stay in the U.S., a person familiar with the matter said. Ant Financial also plans to keep MoneyGram’s headquarters, management team and employees in Dallas.
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