China's Ant Financial raises offer for MoneyGram to $1.2 billion

Markets Reuters

(Copyright Reuters 2017)

China's Ant Financial has raised its offer for electronic payment firm MoneyGram International Inc and the deal was unanimously approved by the U.S. firm's board, outbidding rival Euronet Worldwide Inc .

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Ant, the finance affiliate of Alibaba Group Holding Ltd , increased its offer to $18 per share in cash from $13.25, and the transaction is valued at around $1.2 billion, a statement by Ant and Moneygram said.

(Reporting by Miyoung Kim; Editing by Edwina Gibbs)