Ant Financial Services Group, the financial services affiliate of China’s Alibaba Group Holding Ltd (BABA.N), said on Tuesday it remained committed to the consummation of its merger with U.S. money-transfer company MoneyGram International Inc (MGI.O), after Euronet Worldwide Inc (EEFT.O) trumped its offer.
U.S. electronic payments company Euronet Worldwide launched a $1 billion bid for MoneyGram on Tuesday, saying that its all-American deal would face less regulatory scrutiny than a lower bid by Ant Financial.
In January, Ant Financial agreed to buy Dallas-based MoneyGram for $13.25 per share, or about $880 million.
Ant Financial said on Tuesday that it continues to anticipate closing of the deal in the second half of 2017.
“We are excited about this combination and remain committed to keeping MoneyGram, its management team and headquarters in Texas as we invest more in the business and in American jobs in the years ahead,” Ant Financial said in a statement.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Leslie Adler)