Ant Financial has confirmed its agreement to acquire UK-based currency transfer operator WorldFirst.
The deal has been confirmed by an Ant Financial spokesperson, but no details of the transaction have been disclosed.
Early reports of talks between the two firms in January suggested the takeover deal is worth about $700m.
WorldFirst recently shuttered its US operations to ward off any regulatory objections to a proposed take over
WorldFirst CEO Jonathan Quin said in a letter sent out to clients that was seen by Reuters that the company “will continue to operate as a UK-headquartered and regulated business with global operations” while becoming a wholly-owned division of Ant Financial.
Founded by former Citi bankers Jonathan Quin and Nick Robinson in 2004, WorldFirst employs about 600 people worldwide. The company currently processes over $15 billion a year, with full licensing and a global presence through 8 regional offices.