(1 February 2019 – USA) UK money transfer company WorldFirst has closed its US operations to avoid any regulatory objections to a proposed takeover by Ant Financial.
The immediate shutdown was announced on the firm’s US website and stems from the reported $700 million deal on the table with Ant Financial.
WorldFirst is hoping to avoid stirring up US antipathy to Chinese investments in technology companies following a previous attempt by Ant Financial to take over Moneygram which was blocked b yUS lawmakers citing data privacy and security concerns.
The money transfer company is rebranding the US operation as Omega, which it says will operate independently of WorldFirst.