Alibaba affiliate Ant Financial nears deal to buy MoneyGram
Jan 27 2017
Ant Financial Services Group, part of the fast-growing Alibaba Group and parent of AliPay, has entered into a definitive agreement to purchase MoneyGram at $13.25 per share or a valuation of $880 million.
The acquisition is a drop in the bucket for Ant Financial, which has a $60 billion valuation and raised $4.5 billion just past year.
There were even rumors that MoneyGram could wind up combining with its rival Western Union. The company invested $680 million in Indian e-commerce and payments player Paytm in September 2015 and a 20 percent stake in Thailand's Ascend Money, an e-payment services and micro-loans provider in November 2016.
The transaction is subject to approval of MoneyGram's stockholders and regulatory approvals.
Shares of Alibaba, however, decreased 1.77% to $102.29 per share in midday trading on Thursday. But a deal could help shield the money-transfer business from the potentially adverse effects of President Trump's policies.
But Jing didn't shy away from the fact that MoneyGram is a major player in remittances from the U.S.to Mexico.
Formally known as Zhejiang Ant Small & Micro Financial Services Group Co, the Chinese company has begun making investments overseas, notably in India and Southeast Asia, to take its model of online finance and local services to emerging markets.
Trump and Mexican President Enrique Pena Nieto are now scheduled to meet in Washington on January 31.
MoneyGram already has a thriving remittances business.
CFIUS, the obscure agency within the Treasury department that's tasked with evaluating foreign acquisitions of USA assets, is likely to get a larger role under the Trump administration.
This column does not necessarily reflect the opinion of Bloomberg LP and its owners.
Jan 27 2017 Tostitos' bag will tell you when you're drunk
After all, the Super Bowl is a cultural institution, and more than 100 million people are expected to tune in on February 5. The bag also uses near-field communication (NFC) technology , allowing fans to tap the bag with their phone to call a ride.
Jan 26 2017 Tiger Woods signs equipment deal with TaylorMade
He'll also play the Omega Dubai Desert Classic (Feb. 2-5), Genesis Open (Feb. 16-19) and The Honda Classic (Feb. 23-26). But I still have to go out and do it. "At the time I think we only had about 10 security guards...
Jan 26 2017 Red panda missing from Norfolk's Virginia Zoo
Sunny has lived at the zoo since arriving the Smithsonian's Conservation Biology Institute in Front Royal in May 2016. The Virginia Zoo is pulling out all the stops to find Sunny, who's gotten global attention with her great escape.
Jan 22 2017 Jennifer Lopez Spotted Cozying Up to Drake on Another Date
Drake looks to definitely be in the picture though as USWeekly claims that Drizzy has even been introduced to Lopez' kids. Jennifer Lopez , 47, knew exactly what we needed to brighten our day January 20 by posting a sizzling Instagram photo.
Jan 22 2017 Trump suspends FHA insurance premium reductions
The loans are federally backed mortgages through the Department of Housing and Urban Development . The cut in rates would have come into force on 27 January had it not been suspended.