Alibaba founder Jack Ma. Photo credit: Alibaba.
- Ant Financial, the payments subsidiary of Chinese ecommerce giant Alibaba, has raised its bid for US money transfer firm MoneyGram to US$1.2 billion. The latter’s board unanimously approved the deal.
- The deal is a crucial plank of Alibaba’s global expansion plan into payments and ecommerce, which comes after it dominated online shopping in China.
- Ant initially made a US$880 million bid for MoneyGram. It was then outdone by US e-payments company EuroNet, which raised the stakes to US$1 billion.
- It’s not a done deal for Ant, however. It still needs regulatory approval from the US government, and may face additional hurdles as several Chinese deals have previously been blocked for presenting natural security risks.
Source: Reuters
This post Brief: Ant Financial raises bid for MoneyGram to $1.2b. The deal may still fail. appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/ant-financial-raises-bid-moneygram-12b-deal-fail
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