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Ant Financial Cashes Out of MoneyGram Purchase Plan

Although Ant Financial Services Group has abandoned plans to buy MoneyGram International Inc., the companies said they will continue to work together on strategic initiatives in the remittance and digital-payments markets. Photo: IC
Although Ant Financial Services Group has abandoned plans to buy MoneyGram International Inc., the companies said they will continue to work together on strategic initiatives in the remittance and digital-payments markets. Photo: IC

Ant Financial, the financial affiliate of e-commerce giant Alibaba, has scrapped a deal to buy U.S. peer MoneyGram International Inc. — the latest such cross-border acquisition to hit resistance in Washington over national security concerns.

The pair first announced the deal nearly a year ago, but said they mutually agreed to call it off due to inability to receive approval from the Committee on Foreign Investment in the United States (CFIUS), the U.S. agency that reviews all major cross-border deals for national security concerns. They said “extensive efforts” were made to address CFIUS’ concerns, according to a statement on Tuesday.

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