Corpay agrees $2.2bn Alpha Group takeover

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Alpha provides B2B cross border FX to corporations and investment funds in the UK and Europe, holding around $3 billion of deposits in over 7000 client accounts.

Corpay says the acquisition will improve its FX technology stack and strengthen its ties with investment managers in Europe and beyond.

Alpha shareholders will receive 4,250 pence per share, representing a 55% premium to the closing price on 1 May, the day before potential takeover talks were disclosed. An offer in May was rejected.

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,” says Ron Clarke, CEO, Corpay.

Corpay has had a busy few months, taking a minority stake in business payments automation platform AvidXchange in a deal also involving TPG, and securing a $300 million investment from Mastercard for a three per cent stake in its cross-border business.