MoneyGram deal collapse may force a rethink at Jack Ma’s Ant Financial - News Summed Up

MoneyGram deal collapse may force a rethink at Jack Ma’s Ant Financial


Ant Financial’s $1.2 billion deal for Dallas-based MoneyGram would’ve added a network of 350,000 agent locations in more than 200 countries and territories that it says reaches billions of accounts. Photo: ReutersSan Francisco/Hong Kong: Ant Financial may have to re-tool its global ambitions after stiff US opposition scuppered what would have been its largest overseas acquisition. The Chinese financial services giant controlled by Alibaba co-founder Jack Ma abandoned a plan to buy MoneyGram International Inc. after failing to win approval for the deal from a key government panel. Ant Financial’s $1.2 billion deal for Dallas-based MoneyGram would’ve added a network of 350,000 agent locations in more than 200 countries and territories that it says reaches billions of accounts. Ant and Moneygram now plan to work together on initiatives in remittance and digital payments, they said in a joint statement.


Source: Mint January 03, 2018 05:26 UTC


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