Ant Financial, MoneyGram Deal Worth $880M

Ant Financial Services Group, a leader in China’s online payment industry, plans to buy U.S.-based MoneyGram International Inc. for about $880 million. “The combination will provide consumers in over 200 countries and territories with convenient and accessible financial services, which furthers Ant Financial’s mission to promote equal access to financial services globally,” Ant Financial, which is an affiliate of Chinese e-commerce firm Alibaba Group Holding Ltd., said in a news release .