US fintech Corpay to acquire UK fintech Alpha Group for $2.2 billion
Corporate payments company Corpay, Inc. has announced it has reached agreement on the terms of a recommended cash acquisition of Alpha Group International plc. The acquisition values Alpha at an enterprise valuation of approximately $2.2 billion (£1.6 billion).
Alpha is a leading provider of B2B cross border FX solutions to corporations and investment funds in the UK and Europe. Alpha pioneered alternative bank accounts as a simpler, faster way for investment managers to fund their investments and pay expenses anywhere in Europe. Today, Alpha holds approximately $3 billion of deposits in over 7,000 client accounts.
“We couldn’t be happier to acquire Alpha. This transaction meaningfully expands our relationships with investment managers and results in four Cross Border customer segments: corporates, financial institutions, investment funds and digital currency providers,” said Ron Clarke, Chairman and CEO of Corpay.
“We’re acquiring Alpha for three reasons. First, it’s a large, highly complementary, fast-growing corporate payments asset with good prospects. Second, Alpha is a leading provider of alternative bank accounts to European-based investment managers. There is significant runway to expand those investment manager relationships into the US and Asia with our help. The banking account product and Alpha’s technology extend our Cross Border solution set and further diversify our revenue streams. And third, we expect the acquisition to be meaningfully EPS accretive in 2026.”
“We’re delighted to consummate this transaction with Corpay,“ said Clive Kahn, CEO of Alpha Group. “Corpay’s position as the leading non-bank provider of B2B cross border solutions is the perfect home for our people and will broaden their career prospects over time. Additionally, Corpay’s global footprint, licenses, bank relationships, technology, and balance sheet will accelerate our growth momentum, particularly in our institutional investor business.”
Transaction Details
Under the terms of the offer, Alpha shareholders would receive £42.50 per share, representing a 55% premium to Alpha’s undisturbed closing share price on May 1, 2025. The terms of the acquisition value the entire issued and to-be-issued ordinary share capital of Alpha at approximately $2.4 billion (£1.8 billion). The acquisition is to be affected by means of a court-sanctioned scheme of arrangement under Part 26 of the UK Companies Act 2006.
The Board of Alpha intends unanimously and unconditionally to recommend that Alpha shareholders vote in favor of the scheme at the court and general meetings. Morgan Tillbrook, Alpha founder and former CEO and a significant shareholder, has signed an irrevocable undertaking in support of the transaction as well.
The transaction is expected to close in the fourth quarter of 2025, subject to shareholder and regulatory approval and standard closing conditions. We expect to fund the acquisition through a combination of cash, debt, bank capital optimization and non-core divestitures.
