Mamdani urges New York regulators to block Western Union-Intermex deal

Zohran Mamdani pressed the New York State Department of Financial Services to reject Western Union’s change-of-control application for its planned purchase of International Money Express, saying the deal was “contrary to the law and at odds with the public interest.” His April 24 letter to Acting Superintendent Kaitlin Asrow landed as the public comment window on the application had opened on April 10 and later closed, with Mamdani one of only two people to submit comments.

The push comes after Western Union announced the all-cash Intermex deal on August 10, 2025, at about $500 million, or $16.00 per share. Western Union said at the time that the acquisition was expected to close in mid-2026 and would strengthen its North America retail presence while speeding digital customer acquisition.

For Western Union employees, the unresolved New York approval matters because it leaves the company in a prolonged holding pattern on a major strategic move. The company and Intermex have said regulators in 51 U.S. states and territories, along with all international jurisdictions, have approved the transaction or raised no objection, with only New York still pending. Western Union and Intermex said they remain in talks with regulators to secure that final approval.

Mamdani argued that the combination would reduce direct competition and could raise remittance costs for immigrant families in New York, especially those sending money to relatives abroad. Western Union pushed back in its response to regulators, saying the deal would help keep accessible and affordable services available to New York City immigrants by making the company more competitive against online-only rivals.

The fight has also drawn criticism from business advocates who see it as part of a broader anti-business regulatory push. That backdrop raises the stakes for Western Union’s management, which now has to keep employees, agents and investors focused on day-to-day operations while the company waits on one last state decision.

Intermex’s scale helps explain why the acquisition has become such a significant test case. The company serves remittances from the U.S. to Latin America and the Caribbean and had built a network of 100,000 independent agents and 117 company-operated stores, according to its 2024 annual report. If New York signs off, Western Union will still have to prove it can integrate that footprint without slowing service or distracting from the digital and retail strategy it has already put in motion.