Alibaba’s financial arm acquires MoneyGram

Ant Financial, e-commerce giant Alibaba’s financial arm, has reached an agreement to acquire American money-transfer major MoneyGram for $880 million, in a deal that will expand the firm’s business in the US after India and Thailand.

The transaction will connect MoneyGram’s money transfer network of 2.4 billion bank and mobile accounts and 350,000 physical locations with Ant Financial’s users. 
Source- The Hindu

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