Western Union Terminates $500 Million Intermex Acquisition
Western Union terminated its agreement to acquire International Money Express after California regulators imposed conditions the company deemed unacceptable, sparking a legal dispute over the deal.
The Western Union Company terminated its agreement to acquire International Money Express, Inc. (Intermex) for $500 million on November 10, 2026. The decision followed the issuance of final Conditions of Approval by the California Department of Financial Protection and Innovation. Western Union stated these conditions would have required material changes to its long-term strategy, agent relationships, and business model.
While Western Union had secured approvals from 54 other jurisdictions and federal merger clearance, the California regulator withdrew its initial February 2026 approval to impose new safeguards regarding fraud prevention, anti-money laundering oversight, and consumer choice. Western Union noted that the regulator did not identify any actual failures in these areas.
Intermex has rejected the termination notice, demanding the transaction be completed and reserving the right to seek substantial damages. Intermex asserts it fulfilled all obligations for the deal, which was first announced in August 2025. Western Union maintains the termination is valid under the merger agreement, which stipulates that neither company is required to make a payment to the other upon termination.
The collapse occurs as both companies face financial decline and falling retail remittance volumes in North and Latin American markets. Western Union reported a nearly 38% year-to-date drop in free cash flow to $190.9 million, while Intermex stock declined nearly 60% prior to the deal's unraveling.
