U.S. Blocks Chinese Internet Giant Alibaba's Purchase of MoneyGram
The U.S. panel officially rejected Ant Financial’s plan to acquire U.S. money transfer company MoneyGram on Tuesday, citing national security concerns.
The U.S. government officially rejected Ant Financial's plan to acquire U.S. money transfer company MoneyGram International Inc. (Nasdaq: MGI) on Tuesday, citing national security concerns. The proposed $1.2 billion acquisition is the most high-profile Chinese deal to be rejected by Washington since Donald Trump took office.
"The geopolitical environment has changed considerably since we first announced the proposed transaction with Ant Financial nearly a year ago," MoneyGram CEO Alex Holmes said in a press release. "Despite our best efforts to work cooperatively with the
Ant Financial Services Group, formerly known as Alipay, is affiliated with the Chinese internet giant Alibaba Group (NYSE: BABA). Ant Financial is considered the biggest FinTech company in the world as it controls Yu'e Bao, a $235 billion fund, the world's largest money-market fund.