Business
International Money Express to Acquire La Nacional
Transaction will Create a Leading Provider to the Dominican Republic, Will be a Leading Remittance Provider to the Top Five Latin American Markets Intermex
About this update from International Money Express, Inc.
[{"type":"text","content":"Transaction will Create a Leading Provider to the Dominican Republic, Will be a Leading Remittance Provider to the Top Five Latin American Markets Intermex will enter the European remittance market Entry into New Geographies Will Expand Intermex’s Global Reach to more than 70 Countries from 28 MIAMI, March 16, 2022 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), a leading money remittance services company, today announced it has signed a definitive agreement to acquire Envios de Valores La Nacional Corp. (\"La Nacional”) and LAN Holdings, Corp., Denver-headquartered money remittance companies serving more than 70 countries. Through the purchase of LAN Holdings, Corp., Intermex will acquire I-Transfer Global Payments E.P., S.A.U., (“I-Transfer”), a Spain-based money transmitter that enables its customers to send money transfers from Spain, Italy, Germany, and Canada. La Nacional maintains a significant presence in the Northeast region of the U.S., which complements Intermex’s footprint in the region. The combination will also make Intermex a market share leader to the Dominican Republic with more than a 20% share. The Company anticipates the transaction to close mid-year 2022, subject to customary closing conditions, including financial services-related regulatory approvals. Terms of the transaction were not disclosed. Upon closing, the acquired businesses will operate as a group of wholly-owned subsidiaries of Intermex and it is expected that its present management team will remain in place, led by Jon Ness as CEO and President, and will report to Bob Lisy, Intermex’s Chairman and CEO. Intermex expects to fund the transaction with its cash on hand. \"La Nacional’s strong market position in remittances to the Dominican Republic and other Latin American countries is a perfect complement to Intermex’s existing business in those markets,\" stated Bob Lisy, Chairman, Chief Executive Officer, and President. \"With the addition of this market share to the Dominican Republic, Intermex will now be one of the leading U.S.-based remittance companies serving Mexico, Guatemala, Honduras, El Salvador, and the Dominican Republic, which are the top five Latin American markets, accounting for 83% of all the money sent to Latin America from the United States. While La Nacional is Latin American ...