Western Union Gets New York Approval for $500M Intermex Deal With Three-Year Consumer Conditions; California Suspends Clearance for Further Review
Western Union Gets New York Approval for $500M Intermex Deal With Three-Year Consumer Conditions; California Suspends Clearance for Further Review #
Western Union’s roughly $500 million bid to acquire Miami-based remittance company International Money Express (Intermex) received New York State approval on August 13, 2026, while California suspended its own clearance the same day.
The New York State Department of Financial Services (NYDFS), working alongside the state Attorney General’s office, granted approval on August 13, 2026; the two companies announced the decision jointly on August 14. Governor Kathy Hochul said the state had secured meaningful consumer protections from Western Union as a condition of approval, with the terms formalized through an Assurance of Discontinuance with the New York Attorney General. That agreement resolves a competition review of the deal’s potential impact on remittances from New York to Latin America, a corridor where both companies operate.
Under the agreed conditions, Western Union must, for three years following the close of the transaction, maintain its defined retail footprint across New York State, continue offering remittance services to a specified list of destination countries, and cap fee increases to consumers. Additional obligations include submitting periodic compliance reports to the NYDFS, obtaining prior regulatory approval before pursuing further in-state acquisitions, and retaining an independent auditor approved by the regulator.
The acquisition, first announced in August 2025, calls for Western Union to pay $16 per share in cash for Intermex, a premium of roughly 50% to the target’s 90-day volume-weighted average price at the time of the announcement. The transaction would strengthen Western Union’s North American retail distribution and expand Intermex’s Latin America network into additional corridors. Intermex, founded in 1994, has approximately six million customers concentrated in the US-to-Latin America remittance market.
On the same day New York granted approval, California’s Department of Financial Protection and Innovation (DFPI) sent both companies a letter suspending an approval extension it had issued on July 31, 2026, citing “a need to further review the transaction.” The regulator did not specify its concerns.
Both Western Union and Intermex said they intend to engage directly with the DFPI to seek reinstatement of the California approval, and that the transaction remains on track to close once that reinstatement is secured and remaining customary closing conditions are satisfied.
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