Alipay UK Ltd. (‘Alipay’) entered into a definitive agreement to acquire MoneyGram International, Inc. (NasdaqGS:MGI) (‘MoneyGram’) from Thomas H. Lee Partners, L.P., Carlson Capital, L.P. and other shareholders for approximately $760 million on January 26, 2017. Alipay will pay $13.25 per share in cash for all the outstanding common shares and preferred shares of MoneyGram and assume or refinance MoneyGram's outstanding debt. As of March 14, 2017, Euronet Worldwide, Inc. (NasdaqGS:EEFT) made a proposal to acquire MoneyGram International, Inc. (NasdaqGS:MGI) for $1 billion. The agreement contains a no-shop clause for MoneyGram. As of April 16, 2017, Alipay and MoneyGram International entered into an amendment to the definitive agreement under which MoneyGram will merge with Alipay for $1.1 billion. As per revised terms, Alipay increased the offer price to acquire all of the outstanding shares of MoneyGram and preferred shares of MoneyGram from $13.25 per share to $18.00 per share in cash. Alipay will also assume or refinance MoneyGram's outstanding debt. The transaction will be funded through debt financing that has been committed by Citibank N.A. MoneyGram may be required to a fee of up to $30 million in the event of termination of the transaction under certain circumstances while Alipay will be required to pay a fee of up to $60 million. As on April 25, 2017, the merger agreement amendment also increased termination fee payable from $30 million to $41 million by the MoneyGram to Alipay. Also the termination fee payable by Alipay is increased from $60 million to $82 million. Alex Holmes will continue to serve as Chief Executive Officer of MoneyGram and work with Douglas Feagin, Senior Vice President of Ant Financial Services Group, and Souheil Badran, General Manager for North America. MoneyGram will continue to operate under its existing brand and retain the management team. Upon completion of the transaction, MoneyGram will remain headquartered in Dallas. The agreement does not contain a financing condition. The transaction is subject to the approval of MoneyGram stockholders, regulatory approvals, early termination of waiting period under the Hart Scott Rodino Act, approval by the Committee on Foreign Investments in the United States and other customary closing conditions. As of March 28, 2017, waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired. Thomas H. Lee Partners and certain MoneyGram executives who collectively own approximately 46% of the outstanding voting shares of MoneyGram have entered into agreements with MoneyGram to vote in favor of the transaction. The transaction has been approved by the MoneyGram Board of Directors. MoneyGram's Board of Directors determined to recommend that MoneyGram stockholders approve the merger agreement. On May 16, 2017, shareholders of MoneyGram International, Inc. approved the deal. As on July 11, 2017, the transaction was re-filed for the approval of Committee on Foreign Investment in the United States. The acquisition is expected to close in the second half of 2017. Cliff Brokaw of Citigroup Global Markets Limited acted as a financial advisor while Lee Meyerson, Katie Sudol, Ravi Purushotham, Ashleigh Taylor, Sonya Ho, Jessica Tuchinsky, Jackie Kahng, Christian Jackson, Larry Moss, Jennifer Pepin, Michael Cook, Katherine Moir, Tanvi Mirani, Adeeb Fadil, Keith Noreika, Mark Chorazak, Spencer Sloan, David Vann, Mathieu Coquelet-Ruiz, Peter Thomas, David Shogren, Mark Skerry, Lori Lesser, Linda Nyberg, Alexander Moser, C. Stephen Bigle, Erika Tang and Preeta Paragash of Simpson Thacher & Bartlett LLP acted as legal advisors to Alipay. Matt Sharnoff, Will McCandless, Kevin Brunner, Reggie Hayes and Vikram Nidamaluri of BofA Merrill Lynch acted as a financial advisors and Alan J. Bogdanow, Justin Hunter, Ryan Martin, Samantha Monk, David D'Alessandro, Casey Fisk, Austin Light, Billy Vigdor, Neil Imus, Daniel Gerkin, David Wicklund, Jim Meyer, Devika Kornbacher, Jay Kolb and Rachel Xie and Lande Spottswood of Vinson & Elkins LLP acted as a legal advisors to MoneyGram. MoneyGram agreed to pay BofA Merrill Lynch for its services in connection with the merger an aggregate fee currently estimated to be approximately $14 million, $1 million of which was payable upon the delivery of BofA Merrill Lynch’s opinion and approximately $13 million of which is contingent upon the consummation of the merger. F. Aaron Henry, Paul Beck and John Tyson also acted as legal advisors to Moneygram in the transaction. Tim Danaher of Brunswick Group acted as the public relations advisor on the deal for Alipay while Michael Freitag, Joseph Sala and Viveca Tress of Joele Frank, Wilkinson Brimmer Katcher served as the public relations advisors for MoneyGram. Michael Aiello, Eoghan Keenan and Michelle Sargent of Weil, Gotshal & Manges LLP acted as legal advisors to Thomas H. Lee Partners in the transaction. Chris Daniel of Paul, Hastings, Janofsky & Walker LLP acted as legal advisors for MoneyGram. C. Stephen Bigler and Mark Gentile of Richards, Layton & Finger, P.A. acted as a legal advisor to Alipay. Sard Verbinnen & Co., LLC acted as Investor nad Public Relations advisor for Ant Financial Services Group. Alipay UK Ltd. (‘Alipay’) cancelled the acquisition of MoneyGram International, Inc. (NasdaqGS:MGI) (‘MoneyGram’) from Thomas H. Lee Partners, L.P., Carlson Capital, L.P. and other shareholders on January 2, 2018. The companies were unable to get an approval for the deal from the Committee on Foreign Investment in the United States. Ant Financial paid $30 million termination fee to MoneyGram.