Last week’s news that a US firm has outbid Ant Financial for the acquisition of MoneyGram has not fazed executives of the Alibaba subsidiary. Ant’s head of international strategy, Douglas Feagin, said in a phone interview that the firm is looking forward to completing the deal, reported Reuters. This followed the announcement last Tuesday that US electronic payments firm Euronet Worldwide Inc launched a US$1 billion offer, compared to Ant’s initial offer of US$880 billion. The Chinese company’s confidence on the deal should be taken with a grain of salt as the US Committee on Foreign Investment’s scrutiny of Chinese investments looks to intensify this year.
A MoneyGram advertisement in Shanghai. Photo: ImagineChina
China’s Ant still thinks they can close MoneyGram deal
The company is keeping a stiff upper lip after being outbid by a US firm