🚀 Western Union Acquires Ripple Partner Intermex for $500 Million 💰
Western Union has announced a massive deal to acquire Intermex, a user of Ripple's On-Demand Liquidity (ODL) service, for $500 million in cash. 🤝
This move is considered a major strategic shift to enhance Western Union's position in the fast money transfer market, especially across North America and Latin American countries that Intermex strongly serves. 🌎💸
Key Points:
Western Union will pay $16 per share of Intermex, a 50% increase over the last trading price.
Intermex serves about 6 million customers annually, covering over 60 countries worldwide.
The deal is expected to close by mid-2026 pending regulatory approvals.
The acquisition opens the door for Western Union to use Ripple ODL technology to speed up transfers and reduce costs by up to 60%, following previous trials that were not widely activated.
The deal is expected to save about $30 million annually in costs and increase earnings per share by more than $0.10 in the first year.
This deal enhances Western Union's competitiveness and gives it the opportunity to leverage blockchain technology to expedite global money transfers. 🚀💼
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