Ant Financial calls off MoneyGram deal after US disapproval

China Plus Published: 2018-01-03 16:22:22
Comment
Share
Share this with Close
Messenger Messenger Pinterest LinkedIn

Logo for Ant Financial [File Photo: VCG]

Logo for Ant Financial [File Photo: VCG]

Alibaba's Ant Financial has called off its $1.2 billion deal to acquire Dallas-based US money transfer company MoneyGram, reports thepaper.cn.

The merger has reportedly fallen through after Alibaba failed to gain approval from the Committee on Foreign Investment in the United States. 

The inter-agency committee, chaired by the US Treasury Secretary, has not made clear its reason for rejecting the proposed takeover.

Ant Financial and MoneyGram reached a $880 million merger deal in January, 2017, before another money transfer company, Euronet, offered to buy MoneyGram for 1 billion US dollars. 

In response, Ant Financial raised its bid by 36%. 

It's being reported Ant Financial and MoneyGram are now planning on new deals on money transfer and online payments instead. 

Related stories

Share this story on

Most Popular

Photo

A treat for Star Wars fans - droid R2-D2 on display in Hangzhou
When hot pot meets hot spring
China prepares to build 5th Antarctic research station
Annual Christmas parade held in Panama City
Combo photos of survivors of Nanjing Massacre
2017 Belt and Road Brand Expo attracts visitors in Shanghai

News

Media briefing on Xi Jinping's APEC leaders meeting, SE Asia visit
"Naughty" elephant damages two vehicles in SW China
Chinese group demands compensation from Japan for Nanjing Massacre
Chengdu tops list as China's happiest city
Top procuratorate investigates Sun Zhengcai
Xi stresses nonstop efforts to fight undesirable work styles