Western Union announced a mixed regulatory update for its pending acquisition of International Money Express (IMXI). The company secured approval from the New York State Department of Financial Services (NYDFS) but simultaneously had its previous approval suspended by the California Department of Financial Protection and Innovation (DFPI), creating uncertainty for the transaction's closing timeline.
Key Details
- New York Approval: On August 13, 2026, WU received approval from the NYDFS after agreeing to certain commitments for a three-year period post-merger, including maintaining its NY retail footprint, limiting price changes for remittances to Latin America and the Caribbean, and obtaining NYDFS approval for certain future acquisitions.
- California Suspension: Also on August 13, 2026, the California DFPI suspended its previously granted approval extension, citing a need for further review of the transaction's impact on state operations.
- Next Steps: The company stated it remains committed to completing the acquisition and will engage with the DFPI to reinstate the approval, after which it intends to close the transaction promptly.