Corpay has agreed to acquire Alpha Group International, a business-to-business (B2B) cross-border foreign exchange (FX) solutions provider in a transaction valued at approximately $2.2bn (£1.6bn).
The acquisition values Alpha’s entire issued and to-be-issued share capital at around $2.4bn (£1.8bn), with shareholders receiving £42.5 per share in cash. This represents a 55% premium over Alpha’s closing share price on 1 May 2025.
Alpha is listed on the London Stock Exchange.
The transaction will be executed through a court-sanctioned scheme of arrangement as per the UK Companies Act 2006.
The board of Alpha has unanimously recommended that shareholders vote in favour of the scheme at the forthcoming court and general meetings. Morgan Tillbrook, the founder and former CEO of Alpha, who holds significant shares, has pledged his support through an irrevocable undertaking.
Alpha is engaged in providing cross-border FX solutions to corporations and investment funds across the UK and Europe. It manages approximately $3bn in deposits through more than 7,000 client accounts.
This acquisition aligns with Corpay’s strategy to enhance its cross-border business operations by integrating Alpha’s regional strengths with Corpay’s global reach.
Alpha Group CEO Clive Kahn said: “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.”
Corpay intends to fund the acquisition using a combination of cash, debt, bank capital optimisation, and non-core asset divestitures. The move is aimed at boosting Corpay’s presence in Europe, Canada, and Australia, areas where Alpha has established a strong market position.
Moreover, the integration is set to unlock new opportunities within Alpha’s Private Markets segment, which targets institutional fund clients.
The acquisition is projected to result in considerable synergies for Corpay, including enhanced revenue growth. It is expected that the deal will be accretive to Corpay’s cash earnings per share by at least $0.5 in the financial year following completion.
Corpay chairman and CEO Ron Clarke said: “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.”
The acquisition is expected to conclude in Q4 2025, subject to regulatory and shareholder approvals.
Financial advisory support for this transaction to Corpay was provided by Oppenheimer Europe Limited while legal counsel was provided by Jones Day.
