US Government disapproves acquisition of MoneyGram by Alibaba's Ant Financial
Ant Financial, the Alibaba affiliate announced the deal to buy Nasdaq-listed MoneyGram in April 2017. It initially bid for MoneyGram in January 2017 as a means to develop its cross-border payment network into the U.S., and major corridors including India and the Philippines.
“The geopolitical environment has changed considerably since we first announced the proposed transaction with Ant Financial nearly a year ago. Despite our best efforts to work cooperatively with the U.S. government, it has now become clear that CFIUS [Committee on Foreign Investment in the United States] will not approve this merger,” MoneyGram CEO Alex Holmes said in a statement....Read More
