Bloomberg is reporting that Western Union has made a takeover offer for MoneyGram, but the deal is yet to be finalized.

Bloomberg is reporting that Western Union has made a takeover offer for MoneyGram, but the deal is yet to be finalized.

If  the offer is successful it would join two of  the largest remittance firms in the world.

Western Union brought in US$4.4 billion in revenue from its consumer-to-consumer segment in 2019, while MoneyGram recorded over US$1.1 billion in money transfer revenue.

MoneyGram has been struggling during the COVID 19 pandemic, with its physical locations having to close around the world as governments impose stay-at-home orders.

Digital services received a boost, but MoneyGram reported that those made up just 18 percent of  its earnings in the first quarter.