Western Union ends International Money Express merger over California conditions

Western Union (WU) terminated its merger agreement with International Money Express (IMXI) effective 12:00 a.m. Eastern time on Nov. 12, 2026.

Shares were little changed at 9:38 a.m. ET, from a $6.73 close.

The merger agreement was signed Aug. 10, 2025. The merger had not been completed by the outside date of Nov. 10, 2026, which gave either company the right to terminate.

On the evening of Nov. 10, the California Department of Financial Protection and Innovation delivered final conditions of approval. Western Union said it was not required to accept them and that they were not in the best interests of the company, its agents or its shareholders. The company said the conditions would have required material changes to its business model, agent relationships and long-term business strategy.

The company delivered its notice of termination the same evening. Termination takes effect on the first business day after delivery. No termination fee is payable by either party.

IMXI's legal counsel responded the same evening, asserting the termination was invalid because Western Union did not use reasonable best efforts to obtain DFPI approval, and threatened legal action.

On Nov. 11, IMXI repeated its threat to pursue litigation. Western Union disagrees and intends to vigorously defend any such lawsuit.