Euronet's Outbid Has No Effect on Its Acquisition by Ant Financial, MoneyGram Says
Yicai Global
/SOURCE : Yicai
Euronet's Outbid Has No Effect on Its Acquisition by Ant Financial, MoneyGram Says

(Yicai Global) March 17 -- Alibaba Group Holding Ltd.'s [NYSE:BABA] financial arm's deal with American money transfer operator MoneyGram International Inc. is not affected by a new bid form a third party, and the acquisition will be completed in the second half of the year, the US-based company said.

Hangzhou-based Ant Financial Services Group offered USD880 million for the acquisition in January, but American electronic payment service provider Euronet Worldwide topped the offer with a USD1 billion bid, which would not need to be reviewed by the Committee on Foreign Investment in the United States, on March 14.

Ant Financial has continuously expanded overseas business operations since 2016. It set up offices in six countries including the US, Singapore and the UK. Its payment service, Alipay, is now accepted at some 80,000 offline stores and 10 airports outside China. Ant Financial forecasts that its services will cover 2 billion users worldwide, three-fifth of whom will be from foreign markets, in the next decade.

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