Western Union has terminated its agreement to acquire International Money Express (Intermex), a US-based remittance company, after California’s financial regulator refused to approve the roughly $500 million deal on terms Western Union was willing to accept.
In a statement issued the evening of November 10, Western Union said California’s Department of Financial Protection and Innovation (DFPI) delivered “unacceptable final Conditions of Approval” that would have forced material changes to its business model, its agent relationships and its long-term strategy. The company said California did not allege any failure to comply with fraud-prevention, anti-money-laundering or fair-access requirements, and that it remains in compliance with its existing consent order with the US Federal Trade Commission.
Western Union said it had already cleared every other required jurisdiction — 54 US states, territories and foreign countries, plus merger clearance in the United States and change-of-control filings in the United Kingdom and Spain — leaving California as the sole holdout. According to the company’s account, California had granted initial approval on February 11, 2026 without the conditions later deemed unacceptable, then granted two extensions (April 17 and July 31) before withdrawing its approval just 13 days after the second extension, without any meaningful change in Western Union’s business or operations in the interim. Western Union’s board voted to terminate the merger agreement; under its terms, neither company owes the other a termination payment.
The collapsed deal would have combined two of the larger players in the remittance and cross-currency money-transfer business — services widely used by overseas workers and emigrants sending money to family, and by people managing finances across more than one country. With the acquisition off, Western Union says it is refocusing on its standalone strategy, which includes cost reduction, digital growth and expansion of stablecoin-based payment rails.
References
Yahoo Finance / Business Wire – Western Union Announces Termination of Agreement to Acquire Intermex
