Western Union terminates its agreement to acquire Intermex over California's conditions

Western Union has delivered notice terminating its agreement to acquire International Money Express (Intermex). California's Department of Financial Protection and Innovation issued final conditions of approval on the evening of 10 November, and Western Union's board found them unacceptable: the company said they would have forced significant changes to its business model, agent relationships and long-term strategy.

The DFPI first approved the deal in February without conditions, then extended its review twice. Western Union said it had approvals from all 54 other jurisdictions, and that California identified no failure on fraud, money laundering or customer access rules. Neither company owes a termination payment.

Intermex rejects the termination and has reserved its rights, including seeking specific performance and damages. The deal was valued at about $500 million.

CEO Devin McGranahan said Western Union was disappointed it could not complete the deal on acceptable terms.