Moneygram International Inc (NASDAQ:MGI) has signed a merger deal with Alibaba Group Holding Ltd (NYSE:BABA) affiliate Ant Financial.

The deal will have Ant Financial paying $880 million for all of Moneygram International Inc’s common and preferred shares. This translates to $13.25 per share. The deal is a 20-cent premium over MGI stock’s volume weighted average share price over the last three months.

Ant Financial will be funding the deal to merge with Moneygram International Inc with cash. It will also have the company assuming or refinancing MGI’s current outstanding debt.

If the deal goes through, Moneygram International Inc will be able to extend its network to reach Ant Financial customers. This includes over 630 million users across the world. MGI will keep its current management team and workforce. The company will also still operate out of its Dallas headquarter and keep its same brand name.

“The combination of Ant Financial and MoneyGram will provide greater access, security and simplicity for people around the world to remit funds, especially in major economies such as the United States, China, India, Mexico and the Philippines,” Eric Jing, CEO of Ant Financial, said in a statement.

Moneygram International Inc’s Board of Directors has already approved the deal. The company has also entered into an agreement with executives and partners that hold 46% of outstanding voting shares. These shareholders have agreed to vote in favor of the deal.

Moneygram International Inc is expecting the deal with Ant Financial to be completed during the second half of 2017. The deal still needs approval from shareholders. It will also need to go through customary closing conditions and get approval from regulators before it is complete.

MGI stock was up 9% as of Thursday morning.