Western Union Company has terminated its agreement to acquire International Money Express, Inc., according to a company announcement. Western Union said California regulators imposed conditions it considered unacceptable.
The conditions came from California's Department of Financial Protection & Innovation. The department delivered final Conditions of Approval on a Monday evening. Western Union said those conditions would have required material changes to its business model, agent relationships and long-term business strategy.
California first granted approval on February 11, 2026, without the disputed conditions. It later granted extension requests on April 17, 2026, and July 31, 2026. Western Union said the department withdrew its earlier approval 13 days after the second extension.
Western Union said it had received approvals from every other jurisdiction, including 54 states, territories and foreign countries. It also cited U.S. merger clearance and change-of-control filings in the U.K. and Spain.
Devin McGranahan, President and Chief Executive Officer of Western Union, said, "While we are disappointed that we were unable to complete the acquisition on terms that were acceptable to Western Union, we believe this course of action is in the best interests of the company and its shareholders."
Western Union said California did not identify any failure to comply with legal requirements on fraud prevention, money laundering or fair customer access. The company also said it remains in compliance with its Federal Trade Commission consent order.
Under the Merger Agreement, neither company must make a payment to the other because of the termination. The company said its Board of Directors made the decision after reviewing the transaction with legal and financial advisors and management.