Corpay, Inc. (CPAY), a corporate payments company, on Wednesday announced that it has reached a deal to acquire Alpha Group International plc (ALPH.L) for an enterprise value of approximately $2.2 billion or 1.6 billion pounds. The transaction is expected to close in the fourth quarter of 2025.
Shares of Alpha Group are currently surging to around 25% in the open market.
Under the offer terms, Alpha shareholders will receive 42.50 pounds per share, reflecting a 55% premium to Alpha's closing share price on May 1.
The acquisition is expected to be financed through a mix of cash, debt, bank capital optimization, and the sale of non-core assets.
The transaction is expected to be accretive to earnings per share in 2026.
The deal values Alpha's total issued and pending share capital at around $2.4 billion or 1.8 billion pounds and will be carried out through a court-approved scheme of arrangement under Part 26 of the UK Companies Act 2006.
Alpha's Board intends to unanimously and unconditionally recommend that shareholders approve the scheme at the upcoming court and general meetings.
Additionally, Alpha founder and former CEO Morgan Tillbrook, a major shareholder, has pledged his full support by signing an irrevocable undertaking for the deal.
As part of the transaction announcement, the company reaffirmed its second-quarter guidance, with further details on its quarterly performance and full-year outlook to be provided during its earnings call on August 6.
Alpha is a leading B2B provider of cross-border FX solutions for corporations and investment funds across the UK and Europe. It introduced alternative bank accounts to offer investment managers a quicker, more efficient way to fund investments and manage expenses across Europe. Currently, Alpha manages around $3 billion in deposits across more than 7,000 client accounts.
On Tuesday, Corpay closed trading, 1.06% higher at $334.29 on the New York Stock Exchange.
Alpha Group is currently trading 25.49% higher at 4,160 pence on the London Stock Exchange.
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