Corpay to Acquire Alpha Group in a strategic move aimed at consolidating its presence in the B2B cross-border foreign exchange sector. This acquisition marks a significant milestone for Corpay as it accelerates its entry into the investment fund segment—a client base that aligns with its ambition to diversify and expand internationally.
The transaction, which assigns Alpha Group International plc an enterprise value of approximately $2.2 billion (£1.6 billion), will enable Corpay to broaden its portfolio of services and client reach. Alpha, headquartered in the UK, is a leading provider of cross-border payment and FX services tailored for corporates and investment funds. Its innovative platform, offering alternative bank accounts, has transformed how European investment managers fund their operations and settle obligations across borders. Currently, Alpha holds around $3 billion in deposits across more than 7,000 client accounts, underlining its solid market footprint.
A High-Growth Asset with Global Synergies
According to Ron Clarke, Chairman and Chief Executive Officer of Corpay, the rationale behind the acquisition is threefold: first, Alpha constitutes a high-growth, complementary financial asset within the corporate payments landscape; second, the transaction allows Corpay to integrate Alpha’s specialised banking infrastructure and scale its reach to investment managers across the United States and Asia; and third, the acquisition is forecast to deliver meaningful earnings per share (EPS) accretion by 2026. Clarke highlighted the strategic alignment of the companies, underscoring the value Alpha’s technology brings to Corpay’s existing cross-border capabilities.
Alpha’s CEO, Clive Kahn, expressed strong support for the merger, citing the benefits of joining forces with a globally scaled non-bank provider. He noted that Corpay’s infrastructure, international licensing, and capital resources would significantly enhance Alpha’s ability to accelerate growth, particularly within the institutional investor sector. The acquisition is not only a strategic fit in terms of business model and client base but also offers expanded career opportunities for Alpha’s workforce.
Transaction Structure and Outlook
Under the proposed terms, Alpha shareholders are to receive £42.50 per share, which represents a 55% premium over the company’s undisturbed share price as of 1 May 2025. This places Alpha’s total equity value at approximately $2.4 billion (£1.8 billion). The acquisition will be implemented via a court-sanctioned scheme of arrangement in accordance with Part 26 of the UK Companies Act 2006. The board of Alpha has unanimously recommended the offer, with key shareholders, including founder Morgan Tillbrook, offering irrevocable support for the transaction.
The acquisition is expected to close in the final quarter of 2025, pending regulatory and shareholder approval. Corpay plans to finance the purchase through a combination of existing cash reserves, new debt issuance, capital structure optimisation, and selective divestitures of non-core assets.
In tandem with the announcement, Corpay has reaffirmed its financial guidance for the second quarter of 2025. Additional insight into Q2 results and the full-year outlook will be provided during the company’s upcoming earnings call scheduled for 6 August 2025. Earlier today, Corpay hosted a dedicated investor call to discuss the Alpha transaction, led by senior executives including CEO Ron Clarke and CFO Peter Walker.
This acquisition not only reinforces Corpay’s commitment to expanding its presence within cross-border B2B finance but also positions the group for long-term growth across a diversified and international client base.
