ARTICLE · 05 MARCH 2018

National Security Concerns Trump High Profile Fintech Merger

EKB | Edwards, Kenny & Bray LLP

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The U.S. government has blocked the acquisition of U.S. money transfer company MoneyGram International Inc. by Ant Financial, a mobile wallet company and an affiliate of the large Chinese e-commerce, retail, ...

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Ian Van Den Dolder

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The U.S. government has blocked the acquisition of U.S. money transfer company MoneyGram International Inc. by Ant Financial, a mobile wallet company and an affiliate of the large Chinese e-commerce, retail, and technology firm Alibaba Group Holding Limited.

Ant Financial had initially announced its intention to acquire MoneyGram in January 2017. On January 2, 2018, the companies announced the termination of the deal, after they were unable to obtain required approval from the Committee on Foreign Investment in the United States ("CFIUS"), ostensibly due to concerns of cybersecurity and the integrity of personal data. CFIUS is a Treasury Department-run multi-agency panel that evaluates foreign acquisitions of U.S. companies for national security concerns.

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