Moneygram International Inc (NASDAQ:MGI) stock was up on Monday following an increased bid from Alibaba Group Holding Ltd’s (NYSE:BABA) Ant Financial.

Ant Financial is now offering to acquire Moneygram International Inc for $18 per share in cash. The deal represents a 64% premium over the closing price of MGI stock from the three month period prior to Jan. 25, 2017, which was the last day before the previous bid was announced. The previous offer made by Ant Financial was $13.25 per share.

The deal for Moneygram International Inc has a total value of $1.20 billion. This also includes MGI’s outstanding debt, which Ant Financial will assume or refinance. The offer is an increase of $320 million over the previous one that was made by Ant Financial for the money transfer company.

Ant Financial’s higher offer for Moneygram International Inc has it outbidding Euronet Worldwide, Inc. (NASDAQ:EEFT). Following the initial offer of $13.25 per share from Ant Financial, EEFT placed a bid of $15.20 per share for MGI.

Moneygram International Inc’s Board of Directors have unanimously approved the deal with Ant Financial. The company’s stockholders will also have to approve the deal with a vote before it can be completed. The deal will also need approval from regulators before it can be completed.

If the deal between Ant Financial and Moneygram International Inc gets approval, MGI will become an independent subsidiary of the BABA company. It will continue to operate under the same management team and will keep its headquarters in Dallas, Texas. The brand, IT infrastructure and other aspects of the company will also remain intact.

MGI stock was up 7% as of Monday morning.