With latest buy, Ant Financial makes global push

Alibaba’s financial affiliate pays $880 million to acquire MoneyGram, highlighting its ambition to broaden its service offerings in the face of stiff domestic competition.

Ant Financial is set to pursue the biggest acquisition in its history after agreeing to take over US remittance service provider MoneyGram International for $880 million, continuing a recent and aggressive approach to offshore acquisitions by the company.

The transaction, which is by far the biggest effort by Ant Financial to expand outside Asia, will see the Chinese firm take control of the 77-year old American brand, one of the world’s most recognised money transfer service providers, as well as its 350,000 outlets across the globe.   

The deal was announced just days after chief executive officer Eric Jing spoke about Ant Financial’s aspirations of...

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