Intermex Shares Fall 14% as Deadline to Terminate Western Union Deal Arrives
Key Facts
Intermex shares fell 14% on November 10, 2026, the date on which Western Union and Intermex may each terminate the acquisition agreement if the deal has not been completed, according to Seeking Alpha. In the same session, Western Union shares rose 1.2%, according to a report published that day. The merger agreement sets November 10 as the date after which a termination right may be exercised, subject to certain conditions, according to Intermex's filing with the U.S. Securities and Exchange Commission. The agreement does not terminate automatically on that date; rather, the termination right remains available to both parties under the terms of the agreement. The deadline arrived while California's approval remained pending, despite the expiration of the federal antitrust waiting period and the deal's approval in New York.
The deal involves Western Union's purchase of all of Intermex's share capital for about 500 million dollars in cash, in addition to repayment of Intermex's outstanding debt under its revolving credit facility, according to a Western Union filing. Under the structure, Western Union subsidiary Evi Merger will merge into Intermex, with Intermex surviving and becoming a wholly owned subsidiary of the buyer. Intermex shareholders approved the deal at a special meeting held on December 9, 2025. The deal had therefore cleared shareholder approval, while regulatory approvals and other closing conditions remained relevant to its progress. Western Union's 2026 financial outlook model had assumed the deal would close on September 1 of that year, according to an earlier company filing.
The deal received approval from the New York State Department of Financial Services on August 13, 2026, but the California Department of Financial Protection and Innovation suspended its approval on the same date, according to a Western Union filing. The company said California's letter suspended approval pending completion of an ongoing review of the deal. In its suspension letter, the department said it needed to review the transaction again six months after granting the original approval and examine its impact on operations in the state. Reinstatement of California's approval became a condition for completing the deal. In New York, Western Union said an agreement with authorities resolved its review of the deal's potential impact on competition in money transfer services from the state to countries in Latin America and the Caribbean. Under commitments tied to that agreement, the company will continue to meet specified requirements for three years after closing, including maintaining a certain number of retail locations in New York.
At the federal level, the companies filed new merger notifications on October 2, 2026, after the previous clearance expired, triggering a new 30-day waiting period under the Hart-Scott-Rodino Act. The waiting period ended on November 2, and Western Union confirmed it expired at 11:59 p.m. Eastern Time. But the expiration of that period did not lift California's suspension of approval or remove the other closing conditions. Thus, completion of the federal review and New York approval coincided with the California regulatory process still unresolved. In its filing, Western Union tied completion of the deal to reinstatement of the suspended approval and satisfaction of the other conditions required for closing.