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.
International Money Express IncApproval of $500M acquisition by Western Union at $16/share drives stock up 35%.
Western Union CoRegulatory approval clears path for acquisition, expected to close September 1.
