MoneyGram To Merge With Ant Financial Services - Quick Facts

(RTTNews) - MoneyGram (MGI) and Ant Financial Services Group, a digital financial services provider and parent company of Alipay, a global mobile payment platform, announced they have entered into a definitive agreement under which MoneyGram will merge with Ant Financial, with stockholders of MoneyGram being offered $13.25 per share in cash. The transaction is valued at approximately $880 million for all of MoneyGram's common and preferred shares on a fully diluted basis and Ant Financial will assume or refinance MoneyGram's outstanding debt. The acquisition is expected to close in the second half of 2017.

Upon completion of the transaction, MoneyGram will retain the MoneyGram brand name and management team. Alex Holmes will continue to serve as Chief Executive Officer of MoneyGram. MoneyGram will remain headquartered in Dallas and is expected to maintain and grow its U.S.-based workforce.

MoneyGram will be able to leverage Ant Financial's global presence and existing network to serve more than 630 million users including 450 million with Alipay and 180 million with India's leading mobile payment provider Paytm to increase MoneyGram's transaction volume across the broad Asia-Pacific region. The transaction will also help expand Ant Financial's business in new global markets following its recent partnerships with Paytm in India and Ascend Money in Thailand.