MoneyGram (NASDAQ: MGI) has agreed to the $13.25 per share in cash offered by Ant Financial, an Alibaba (NYSE: BABA) affiliate and Alipay's parent company, in a deal valued at roughly $880 million for the company. That price represents a 20% premium over MoneyGram's price during the prior three-month period. MoneyGram operates a transfer network of 2.4 billion accounts and 350,000 physical locations; the deal will allow Ant Financial to expand its footprint as the battle for market share in China heats up with rivals like Tencent's (HKG: 0700) WeChat payment platform. MoneyGram stock finished Thursday up nearly 9% at $12.92.
[Correction: This story originally stated that MoneyGram had agreed to acquire Ant Financial]