Deal offers 55% premium to Alpha’s pre-announcement share price
LONDON: U.S.-based Corpay, Inc. (NYSE: CPAY) will acquire British financial services firm Alpha Group International (LSE: ALPH) in a recommended cash deal valued at approximately £1.8 billion ($2.3 billion), the companies announced Thursday.
Under the terms, Alpha shareholders will receive 4,250 pence per share—a 55% premium to Alpha’s closing price of £27.45 on May 1, 2025, the day before Corpay disclosed acquisition talks. The price represents a 71% premium to Alpha’s one-month average share price.
The transaction, structured as a Scheme of Arrangement under the U.K. Companies Act 2006, unites Alpha’s European-focused cross-border payment solutions with Corpay’s global scale. Corpay CEO Ronald Clarke cited Alpha’s corporate FX growth and alternative banking services for investment managers as key strategic fits, noting the deal will expand Corpay’s client segments and diversify revenue.
Alpha’s board unanimously recommended the offer, citing the “full value” of the premium and alignment with stakeholder interests. Chair Dame Jayne-Anne Gadhia highlighted Alpha’s “exceptional team” of 500+ staff across 11 countries, while CEO Clive Kahn emphasized cultural synergies and growth opportunities within Corpay.
Corpay expects the acquisition to accelerate cross-border growth, generate revenue synergies, and add at least $0.50 to its 2026 cash earnings per share. The deal remains subject to shareholder and regulatory approvals.