MoneyGram International Inc (NASDAQ:MGI) shares jumped on news that it may be in talks with The Western Union Company (NYSE:WU) for a potential buyout.

According to Reuters, the talks between the two companies would have Western Union buying MoneyGram International Inc. However, these taks are reportedly in early stages and could still be cancelled.

MoneyGram International Inc had $963.5 million in long-term debt at the end of 2014. Western Union’s market value sits at about $11 billion. The information regarding the possible buyout comes from insider sources, Reuters reports.

While news of the talks bumped up stock prices for both companies, Western Union has told Bloomberg that “news reports indicating that our company is in discussions to acquire MoneyGram International Inc. are not accurate.”

MGI shares were up 16% and WU shares were up 4% as of Wednesday afternoon.

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