Ant Financial to buy MoneyGram for US$880m

Alipay parent company Ant Financial has entered into a “definitive agreement” to acquire money transfer services provider MoneyGram for about US$880m. “The transaction will connect MoneyGram’s money transfer network of 2.4bn bank and mobile accounts and 350,000 physical locations with Ant Financial’s users,” Ant Financial says. “The combination will provide consumers in over 200 countries and territories with convenient and accessible financial services.”

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