With business in decline on account of online payments, and policy makers intent on trimming the fees associated with moving money around the world, reports are that Western Union Co. is seeking to acquire MoneyGram International Inc. in a transaction that would bring together two of the largest U.S. providers of money-transfer services.
Western Union is rumoured to have made a takeover offer for MoneyGram although no decision has been made so far.
Representatives for Western Union and MoneyGram declined to comment.
MoneyGram rose as high as 74% in late trading Monday. The stock closed up 6.2% to $2.59, giving the company a market value of about $164 million. It also has about $878 million of debt. Western Union rose 3.5% to $20.71 for a market value of about $8.5 billion.
MoneyGram has struggled during the coronavirus pandemic, which has forced it to shutter operations around the globe as governments imposed shelter-in-place orders. Last year, Facebook Inc. joined with companies from around the world to form the Libra Association to offer a new way to send payments overseas.
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With business in decline on account of online payments, and policy makers intent on trimming the fees associated with moving money around the world, reports are that Western Union Co. is seeking to acquire MoneyGram International Inc. #TheIndianSunhttps://t.co/ruArV5uI3a
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