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Western Union approaches MoneyGram about a deal: report

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.

Ticker Security Last Change Change %
WU WESTERN UNION 21.57 +0.04 +0.19%
MGI MONEYGRAM INTL. 2.76 +0.06 +2.22%

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

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