Intermex jumps after New York approves Western Union buyout deal
IMXI•California review still pending
The New York approval comes roughly 12 months after Western Union unveiled its $500 million all-cash deal for Intermex.
Meanwhile, the California Department of Financial Protection and Innovation suspended an approval extension as it needs to further review the impact of the proposal.
“One step forward, one step back,” William Blair analyst Cristopher Kennedy said.
As of the last close, IMXI stock was down 23.8% year to date.
Intermex shares surge on New York approval
Shares of International Money Express, better known as Intermex, jumped 19.7% to $14 after the New York State Department of Financial Services signed off on Western Union’s pending acquisition of Intermex, the companies announced.
As part of the approval, Western Union has made certain commitments to NYDFS with respect to remittance services and locations in New York following the acquisition.
