Ant Financial, e-commerce giant Alibaba’s financial arm, has reached an agreement to acquire American money-transfer major MoneyGram.
The deal is for $880 million, in a deal that will expand the firm’s business in the US after India and Thailand.
The mission is to bring inclusive financial services to users around the world.
The company owns Alipay, one of China’s biggest online payment platforms and controls the company that manages the country’s largest money market fund, Yu’ebao.
The transaction will connect MoneyGram’s money transfer network of 2.4 billion bank and mobile accounts and 350,000 physical locations with Ant Financial’s users.
The transaction is subject to approval of MoneyGram’s stockholders and regulatory approvals.
MoneyGram: Know More- MoneyGram International Inc. is a money transfer company.
- It is based in the United States with headquarters in Dallas, Texas.
- It has an operation center in St. Louis Park, Minnesota.
- It also has regional and local offices around the world.
- Headquarters: Dallas, Texas, United States
- CEO: W. Alexander Holmes (Since 1 Jan 2016)
- Founded: 1940
- Parent organizations: MoneyGram Payment Systems Inc, MoneyGram International Holdings
