The Western Union Company has reached an agreement to acquire International Money Express (Intermex) for an enterprise value of around $500m ($16 per share).
Set up in 1994, Intermex leverages technology that facilitates international money transfers from several countries, including the US, Canada, and parts of Europe, to over 60 countries globally.
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The acquisition aims to leverage Intermex’s customer base of six million, integrating them with Western Union’s digital services and expanding the company’s retail operations in the US.
Intermex chairman and CEO Bob Lisy said: “This agreement represents an exciting opportunity to provide Intermex’s shareholders with significant and certain value, accelerating our omni-channel strategy, while continuing to deliver for our customers.
“This combination with Western Union brings together two complementary businesses that are well positioned to drive growth across North America.”
Financially, Western Union expects the acquisition to be “immediately accretive” and positively impact its adjusted earnings per share by over $0.10 in the first year post-acquisition.
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By GlobalDataThe agreed price per share reflects a 50% premium on Intermex’s 90-day volume-weighted average share price.
The company also forecasts cost synergies of about $30m annually within the first two years, with the possibility of additional revenue synergies through the integration of Intermex’s network.
The completion of the deal is projected for mid-2026, pending customary conditions and subject to regulatory approvals.
Western Union president and CEO Devin McGranahan stated: “This acquisition is a disciplined, strategic step that strengthens our North America operations and expands our presence with key consumer segments across the US.
“Intermex has built a well-recognised brand, as well as strong agent and customer relationships. Together, we will expand our retail footprint, unlock operational efficiencies, and accelerate digital engagement.”
In June, Western Union partnered with Zūm Rails, a payments platform, to enable transfers from Canada to a wide international network.
This partnership leverages Zūm Rails’ technology and the Interac e-Transfer system to offer expedited remittance services.
