China’s Ant Financial raises offer for MoneyGram to $1.2 billion

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SINGAPORE China’s Ant Financial has lifted a offer for electronic remuneration organisation MoneyGram International Inc and a understanding was unanimously authorized by a U.S. firm’s board, outbidding opposition Euronet Worldwide Inc.

Ant, a financial associate of Alibaba Group Holding Ltd, increasing a offer to $18 per share in money from $13.25, and a transaction is valued during around $1.2 billion, a matter by Ant and MoneyGram said.

A successful understanding would be a Ant’s initial vital step to enhance a business overseas. Ant, valued during around $60 billion, is also formulation an initial open offering.

“MoneyGram… will supplement profitable cross-border remittance capabilities to a Ant Financial ecosystem, portion a some-more than 630 million users globally,” Doug Feagin, President of Ant Financial International, pronounced in a statement.

The dual firms pronounced they have done swell toward receiving a regulatory approvals required to finish a transaction, including winning U.S. antitrust clearance.

The understanding will also be reviewed by a Committee on Foreign Investment (CFIUS), a U.S. inter-agency row that looks during unfamiliar acquisitions for inhabitant confidence risks.

CFIUS has been a stumbling retard for several Chinese deals in a United States and is deliberate a large jump for Ant Financial.

A Euronet understanding is expected to be some-more acceptable to U.S. policymakers amid rising tensions between China and a United States over trade and unfamiliar policy.

(Reporting by Miyoung Kim; Editing by Edwina Gibbs)

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