Alpha Group agrees £1.8bn takeover offer from Corpay

(Sharecast News) - Corpay announced an agreement to acquire Alpha Group International in a recommended all-cash deal on Wednesday, valuing the FTSE 250 financial services firm at £1.8bn. The acquisition, priced at 4,250p per Alpha share, represented a 55% premium to the company's undisturbed share price on 1 May and a 71% premium to the one-month volume-weighted average price prior to that date.

It said the transaction was expected to be implemented via a court-sanctioned scheme of arrangement and implied an enterprise value of £1.61bn.

Subject to shareholder and regulatory approvals, the deal was anticipated to complete in the fourth quarter of 2025.

"We couldn't be happier to acquire Alpha," said Ronald Clarke, CEO of Corpay.

"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.

"We expect the acquisition to be highly earnings per share accretive in 2026."

Alpha's board unanimously recommended the offer, describing it as a highly attractive opportunity that reflects the company's future growth potential and strategic value.

The board said it had received financial advice from Centerview and Peel Hunt, who consider the terms to be fair and reasonable.

Irrevocable undertakings to support the deal had been secured from shareholders representing 13.83% of Alpha's share capital, including founder Morgan Tillbrook.

"The board has always been highly confident in the company's ability to drive significant organic growth on a standalone basis, but the material premium that Corpay has offered represents full value in cash for this growth," commented Dame Jayne-Anne Gadhia, chair of Alpha.

Corpay said the deal aligned with its strategic goal of expanding its cross-border platform, enhancing its product suite, and diversifying its revenue base.

Alpha's strong position in the European corporate forex and private markets segments would complement Corpay's global operations, the company said, and unlock new growth opportunities, particularly among institutional fund clients.

"The offer from Corpay is a strong endorsement of the Alpha management team's achievements," said Alpha chief executive Clive Kahn.

"It provides shareholders with an attractive return, and it gives the business an opportunity to maintain and extend its growth record as part of a larger group that respects and shares its values."

The scheme document was expected to be published within 28 days, with shareholder meetings likely to take place on 2 September.

At 1312 BST, shares in Alpha Group International were up 25.19% at 4,150p.

Reporting by Josh White for Sharecast.com.