US-based Western Union has delivered a notice of termination of its merger agreement with International Money Express (Intermex), ending the planned acquisition. According to the official announcement, the decision follows final conditions of approval issued by California’s Department of Financial Protection & Innovation (DFPI), which the company considered unacceptable. Under the terms of the merger agreement, neither party is required to make any payment to the other in connection with the termination.
California conditions halt the deal
Western Union states that it worked with Intermex and the relevant regulatory authorities to secure the approvals needed to complete the transaction. On the evening of 10 November 2026, the DFPI delivered final conditions of approval that, according to the company, would have required material changes to its business model, its agent relationships, and the execution of its long-term business strategy. Western Union regarded these conditions as substantial and not in the interests of the company, its agents, or its shareholders.
Following a review of the transaction with legal and financial advisers and management, the company’s board of directors determined to terminate the merger agreement.
Regulatory timeline
The termination follows a sequence of decisions by the California regulator during 2026. The DFPI granted the initial request for approval on 11 February 2026, without the conditions it later imposed. The regulator subsequently approved extension requests on 17 April 2026 and 31 July 2026. It then withdrew its previously granted approval 13 days after the second extension, which, according to Western Union, occurred without any meaningful change in the company’s business or operations.
California was the only jurisdiction from which the company had not received approval. Western Union had secured approvals from 54 states, territories, and foreign countries, including merger clearance in the US and change of control filings in the UK and Spain. The outcome shows how a single state-level regulator was able to determine the fate of the transaction despite clearance having been obtained across all other jurisdictions involved.
Western Union states that California did not identify any failure by the company to comply with legal requirements related to the prevention of fraud and scams, money laundering, or the provision of fair and competitive access for customers. Furthermore, the company adds that it has been, and remains, in compliance with its consent order with the US Federal Trade Commission (FTC).
The company also notes that it has long been regulated by the DFPI and describes its relationship with the department as strong. It reiterates its commitment to maintaining compliance programmes and meeting its regulatory obligations globally, alongside its stated aim of making financial services accessible.
Next steps for Western Union
Devin McGranahan, President and Chief Executive Officer of Western Union, acknowledged the work carried out by teams at both Western Union and Intermex over more than a year to pursue the transaction. The official added that, although the company was disappointed not to complete the acquisition on acceptable terms, terminating the agreement is in the best interests of the company and its shareholders.
Going forward, Western Union says it will remain focused on executing its strategy and delivering long-term value for customers, shareholders, and other stakeholders.
