China’s Ant Financial has raised its offer for electronic payment firm MoneyGram International and the deal was unanimously approved by the US firm’s board, outbidding rival Euronet Worldwide, Reuters reports. Ant, the finance affiliate of Alibaba Group Holding, increased its offer to $18 per share in cash from $13.25, and the transaction is valued at around $1.2 billion, a statement by Ant and MoneyGram said. A successful deal would be the Ant’s first major step to expand its business overseas. Ant, valued at around $60 billion, is also planning an initial public offering. The two firms said they have made progress towards obtaining the regulatory approvals necessary to complete the transaction, including winning US antitrust clearance. The deal will also be reviewed by the Committee on Foreign Investment (CFIUS), a US inter-agency panel that looks at foreign acquisitions for national security risks.