Alibaba Group Holding Ltd.'s payments unit is looking to secure $3.5 billion in financing to bolster the budget for overseas acquisitions, an unnamed source told CNBC. The report published on Wednesday adds the round will be in the form of debt and that the Ant Financial Services Group initially planned to raise up to $2.5 billion. Negotiations with investors are nearing completion, said the person with knowledge of the matter.
The mobile transfers powerhouse has set $1.2 billion last month for the acquisition of e-payment platform operator MoneyGram International Inc, based in Dallas, and the execution of the deal is pending regulatory approval. Alibaba will post quarterly earnings on May 18.
