A deal in the money-transfer sector may be in the works as Western Union eyes MoneyGram International.
This would bring together the top two U.S. providers in that space according to Bloomberg.
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Western Union has reportedly made an offer, which hasn’t been made public.
The news sent shares of MoneyGram closing up more than 6 percent to $2.59. That values the company at $164 million.
Western Union shares also rose, picking up more than 3 percent to $20.71, boosting its value to $8.5 billion.
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Representatives for Western Union and MoneyGram declined to comment to Bloomberg.
The industry has become very competitive with new names