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International Money Express Inc

International Money Express, Inc. is an omnichannel money remittance company operating in the United States, Latin America, Mexico, Central and South America, the Caribbean, Africa, and Asia. It offers remittance services, ancillary financial processing solutions, payment services, online payment options, pre-paid debit cards, and direct deposit payroll cards. Services are provided through sending and paying agents, company-operated stores, and online and internet-enabled mobile devices. The company was founded in 1994 and is headquartered in Miami, Florida.

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United States
IMXI▼

Intermex Falls 5.2% for Third Day as Investors Await Western Union Deal Update

International Money Express dropped 5.2% and fell for a third straight day as investors wait for an update on its planned $500 million sale to Western Union. Shares of Intermex have declined 11% this week on no new apparent news, and the stock is now trading at its lowest since Aug. 13, the day before a New York regulator approved the transaction in what investors initially thought was the final approval needed for the deal to close. The companies also announced the same day that they received a letter from the California Department of Financial Protection and Innovation suspending the approval extension previously granted on July 31. Some people have told Seeking Alpha that Western Union has been conducting meetings with investors this week, which may be the reason for Intermex's decline. Western Union and Intermex did not immediately respond to Seeking Alpha's email request for comment. Western Union agreed to buy Intermex for $16 per share in cash last August.
IMXI ▼WU
IMXI · Regulation · Negative California DFPI suspended the previously granted approval extension for the Western Union deal, and the stock keeps falling as investors await a deal update.
WU · Regulation · Neutral Western Union's $500M acquisition of Intermex faces a suspended California approval, though the article gives no clear read on WU's own direction.
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Seeking Alpha·17dRead more →
United States
IMXI

Western Union and Intermex Update on Pending Acquisition

Western Union and Intermex announced that they have received regulatory approval from the New York State Department of Financial Services for Western Union's pending acquisition of Intermex. However, the California Department of Financial Protection and Innovation has suspended its previously granted approval extension, citing a need to further review the transaction and its impact on operations in the state. Western Union and Intermex intend to engage promptly with the California regulator to address its questions and seek reinstatement of the approval. The companies remain committed to completing the transaction and plan to close promptly after reinstatement, subject to remaining customary closing conditions.
IMXI WU
IMXI · Regulation · Neutral Regulatory approval in NY but California suspension creates uncertainty for the acquisition.
WU · Regulation · Neutral Regulatory approval in NY but California suspension creates uncertainty for the acquisition.
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United States
IMXI▲

International Money Express jumps 35% after New York approves Western Union deal

International Money Express soared 35% in after-hours trading after the New York Department of Financial Services approved its $500 million sale to Western Union. The regulator, in partnership with the New York State Attorney General’s Office, secured commitments from Western Union to maintain services for communities throughout New York after acquiring International Money Express. The NYDFS was the last regulator needed to win approval for the sale, which Western Union agreed to last August at $16 per share in cash. Western Union CFO Matt Cagwin said the company is modeling a September 1 close for the deal.
IMXI ▲WU ▲
IMXI · Capital · Positive Approval of $500M acquisition by Western Union at $16/share drives stock up 35%.
WU · Capital · Positive Regulatory approval clears path for acquisition, expected to close September 1.
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IMXI

Western Union jumps 10% on report of strategic review and takeover interest

Western Union shares surged 10% after a report that the company has begun a strategic review following an approach from a private equity firm at a price just below $10 a share. The company is now inviting offers from other possible bidders, according to traders citing a Betaville uncooked alert. The speculation comes as Western Union is in the late stages of its planned $500 million takeover of International Money Express, whose shares edged 0.5% lower on Tuesday.
WU ▲IMXI
WU · Capital · Positive Strategic review and takeover interest at $10/share drives shares up 10%.
IMXI · Capital · Neutral Mentioned as target of Western Union's planned $500M takeover; shares edged lower.
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Seeking Alpha·61dRead more →
IMXI▲3

Western Union, Intermex Receive Most Regulatory Approvals for Pending Acquisition

Western Union and International Money Express, or Intermex, announced that money transmission regulators in 51 U.S. states and territories and all international jurisdictions have approved or not objected to Western Union's pending acquisition of Intermex, with approval still pending from one U.S. state. The companies remain actively engaged with regulators, including the New York State Department of Financial Services, to secure the final regulatory approval. Western Union shares last closed at $7.24, up 2.99%.
IMXI ▲WU ▲
IMXI · Regulation · Positive Regulatory approvals for acquisition by Western Union are progressing, with only one state remaining.
WU · Regulation · Positive Most regulatory approvals received for acquiring Intermex; shares rose 2.99%.
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