The digital payment arm of e-commerce giant, Alibaba, Ant Financial has concluded plans to buy over worldwide money transfer agency, MoneyGram for $880m (N268.4Bn @ $/N305 official rate).
Ant Financial before now has about 630 million users before acquiring MoneyGram, which has about 350,000 outlets spread in nearly 200 countries will now be owned by Alibaba.
The takeover by the Chinese group will need regulatory approval from the US Committee on Foreign Investment.
The inter-agency committee reviews foreign acquisitions of domestic American assets on grounds of national security.
Eric Jing, chief executive at Ant Financial, said in a statement that the marriage of the two companies will “provide greater access, security and simplicity for people around the world to remit funds, especially in major economies such as the United States, China, India, Mexico and the Philippines