Asia Unhedged | MoneyGram rejects national security claims, despite holding talks with Euronet
A logo of Ant Financial is displayed at the Ant Financial event in Hong Kong. Photo: Reuters, Bobby Yip
A logo of Ant Financial is displayed at the Ant Financial event in Hong Kong. Photo: Reuters, Bobby Yip
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MoneyGram rejects national security claims, despite holding talks with Euronet

The US money transfer firm has not backed out of deal with Chinese Ant Financial

April 12, 2017 8:18 PM (UTC+8)

Speaking with the Financial Times, MoneyGram chief executive Alex Holmes said Euronet’s claims that Chinese buyer Ant Financial posed a national security risk is “simply untrue.”

The Chinese firm, an Alibaba subsidiary, first signed a US$880 million deal to acquire the US money transfer company, but has since been outbid by Kansas-based Euronet with a US$940 million offer.

MoneyGram did not back out of the original deal, despite the higher offer, although they have agreed to hold talks with the rival bidder.

Euronet initiated a lobbying campaign in Washington following their bid, arguing that the Chinese firm’s takeover poses a national security risk.

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