The parent company of global mobile payment platform Alipay has agreed to purchase MoneyGram for approximately $880 million, according to a press release.

Alipay’s parent, Hangzhou, China-based Ant Financial Services Group, is offering the shareholders of Dallas-based MoneyGram $13.25 per share in cash, the announcement reported. The price represents a 20% premium over MoneyGram’s volume-weighted average share price over the prior three-month period. Ant Financial Services Group is an affiliate of Chinese e-commerce giant Alibaba Group and focuses on serving small and micro enterprises and consumers. 

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