Advertisement
Canada markets open in 5 hours 4 minutes

  • S&P/TSX

    22,011.72
    +139.76 (+0.64%)
     

  • S&P 500

    5,070.55
    +59.95 (+1.20%)
     

  • DOW

    38,503.69
    +263.71 (+0.69%)
     

  • CAD/USD

    0.7310
    -0.0010 (-0.14%)
     

  • CRUDE OIL

    83.44
    +0.08 (+0.10%)
     

  • Bitcoin CAD

    91,083.16
    +587.12 (+0.65%)
     

  • CMC Crypto 200

    1,436.54
    +12.44 (+0.87%)
     

  • GOLD FUTURES

    2,330.50
    -11.60 (-0.50%)
     

  • RUSSELL 2000

    2,002.64
    +35.17 (+1.79%)
     

  • 10-Yr Bond

    4.5980
    -0.0250 (-0.54%)
     

  • NASDAQ futures

    17,720.00
    +113.25 (+0.64%)
     

  • VOLATILITY

    15.75
    +0.06 (+0.38%)
     

  • FTSE

    8,085.38
    +40.57 (+0.50%)
     

  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     

  • CAD/EUR

    0.6837
    +0.0001 (+0.01%)
     

Western Union makes takeover offer to MoneyGram: report

Michael McSweeney
·1 min read

Money transfer firm Western Union has made a takeover offer to MoneyGram International, according to a report by Bloomberg.

Citing a source familiar with the process, Bloomberg reported that while a takeover offer has been submitted, "[n]o final decision has been made and Western Union could opt to not proceed with a potential deal, the person said."

The publication added that MoneyGram and Western Union declined to comment when reached. MoneyGram's stock price rose sharply during after-hours trading, according to public market data.

Should the deal go through, Western Union would acquire a business that has an existing business relationship with distributed ledger startup Ripple, which owns a 9.95% stake in Moneygram. As previously reported by The Block, MoneyGram uses Ripple's On-Demand Liquidity product to facilitate cross-border remittances, and Ripple pays Moneygram in the form of XRP as part of an incentive program focused on market development.

ADVERTISEMENT

Western Union previously conducted a pilot program with Ripple, focused on payment settlement.

Image Credit: DW labs Incorporated / Shutterstock.com


© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.