MoneyGram International Inc (MGI.O) and Alibaba Group Holding Ltd’s (BABA.N) Ant Financial Services Group said on Tuesday they have agreed to terminate their amended merger agreement.
MoneyGram shares were down 8.5 percent at $12.06 in after-market trading.
The companies were unable to get an approval for the deal from the Committee on Foreign Investment in the United States (CFIUS), according to a joint statement.
Ant Financial paid MoneyGram a $30 million termination fee.
By: Reuters.
Reporting: Nikhil Subba (Bengaluru).
Editing: Shounak Dasgupta.
Photo: Quartz.
Review: Emerging Market Formulations & Research Unit, Flagship Records.