Western Union Intermex deal hits yet another roadblock

• Key insights: Delays in Western Union and International Money Express' proposed merger have forced the companies to refile with antitrust regulators, which could trigger a new 30-day waiting period that could further delay the deal. 
• What's at stake: The Hart-Scott-Rodino Antitrust Improvements Act of 1976 requires companies to file premerger notifications with the Federal Trade Commission and the Justice Department's antitrust division. HSR clearance is valid for one year. 
• Forward look: Western Union and Intermex have requested early termination of the waiting period.

The proposed $500 million merger of Western Union and International Money Express — which was first announced in August 2025 — hit yet another speed bump on Friday following the expiration of clearance from federal antitrust regulators. 

Under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, companies that wish to engage in a merger or acquisition are required to file premerger notifications with the Federal Trade Commission and the Justice Department's antitrust division, which triggers a 30-day waiting period before the deal can be completed. HSR clearance is valid for one year. 

That clearance expires at midnight on Oct. 6, which has forced the two companies to refile with federal regulators and kicked off a fresh 30-day waiting period, according to a filing with the Securities and Exchange Commission. Western Union and Intermex have requested early termination of the waiting period. 

The proposed merger between the two companies has run into one regulatory roadblock after another. The companies were first waiting on approval from the New York Department of Financial Services, only to have the California Department of Financial Protection and Innovation suspend its previous approval of the acquisition on the same day New York's prudential regulator gave it the go-ahead. Western Union and Intermex are still awaiting approval from California's prudential regulator. 

"Based on discussions with the DFPI, the parties do not expect the DFPI to reinstate its approval prior to October 6, 2026," Western Union said in its filing with the SEC. 

The filing is procedural but reflects the ongoing delay in obtaining final regulatory approval and inches the two companies closer to the date when they can abandon the deal without a penalty, according to Keefe Bruyette & Woods analyst Vasundhara Govil. 

"This development puts additional pressure on the path to deal closure," Govil said. "While mostly timing related, we are nearing the long stop date (November 10th) at which point either party could walk away from the deal without a penalty." 

Western Union's acquisition of Intermex has drawn questions from analysts as to whether the company is doubling down on a soon-to-be-obsolete business line. Both the companies' retail remittance businesses have faced pressure from immigration crackdowns and digital remittance companies that are gaining more market share.