Western Union Wrestles With Hitches in Its $500 Million Intermex Deal

The Western Union Co. early Friday said the New York State Department of Financial Services has granted approval to the money-transmitter’s longstanding plan to acquire International Money Express Inc., known as Intermex.

But the deal, originally priced at $500 million and announced almost exactly a year ago, has run into an obstacle as the California Department of Financial Protection and Innovation, or DFPI, has suspended an approval it granted July 31 to “further examine the impact of the proposal on operations in this state,” according to a release issued by Western Union. The latest move is the second time the state has delayed a previously extended approval.

The deal, originally announced Aug. 10 last year, envisioned an all-cash transaction computed at $16 per Intermex share. Miami-based Intermex’s share price closed Thursday at $11.82, for a market cap of $355.7 million. Now, “the suspension from the DFPI will cause additional delays” in closing the deal, says a Friday research note from William Blair.

Intermex, whose business focuses on consumer remittances to Latin America, reported earlier this week its first-half 2026 revenue dropped 17% to $253 million. More than 90% of the company’s revenue stems from its retail business, according to William Blair estimates, but its revenue and earnings in that line have dipped recently. “Financial performance at Intermex has been soft in the first half of 2026,” says the William Blair research note.

But Western Union “has faced similar headwinds” in its retail remittance business in the U.S. to Latin America corridor, the note says.

Western Union in announcing the deal a year ago said the combination with Intermex would add “scale in historically high-growth Latin America geographies” and would open Western Union’s digital services to Intermex’s 6 million users. At the time, the transaction was approved unanimously by the boards of the two companies and was expected to close by the mid-point of 2026.

“Western Union and Intermex remain committed to completing the transaction and intend to close promptly after the reinstatement of the [California] DFPI approval, subject to satisfaction or waiver of remaining customary closing conditions,” Western Union says in a statement released early Friday.