Ant Financial, the Alibaba affiliate controlled by billionaire Jack Ma, is buying U.S. money-transfer service MoneyGram for $880 million, according to Bloomberg. The $880 million transaction, Ant’s second U.S. deal, will connect MoneyGram’s network of 2.4 billion bank and mobile accounts with Ant’s customers.
Ant Financial is offering $13.25 per share in cash, according to a statement. Shares of Dallas-based MoneyGram closed Wednesday at $11.88, giving the company a market value of $630 million. The company will continue to be based in the U.S. and operate under its existing brand.
Ant, which was once part of Alibaba, is seeking to expand abroad amid increasing competition from Tencent Holdings’ Wechat payment system at home. The MoneyGram deal will further that goal, following recent partnerships with Paytm in India and Ascend Money in Thailand.
The Committee on Foreign Investment in the United States will probably scrutinize the deal. While it is unlikely to deem the MoneyGram takeover a national security threat, legal experts say, the deal could face more inspection than usual given Trump’s anti-China rhetoric.
Ant is a behemoth in China, where it serves more than 450 million customers and provides services from wealth management and insurance to credit checks and consumer loans. The company was valued at $75 billion by Hong Kong investment group CLSA and is expected to go public some time this year.
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