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

SINGAPORE – 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 .

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)