U.S. payments company Corpay has agreed to acquire London-listed Alpha Group International in a transaction valuing the business at approximately £1.8 billion.
Under the terms of the recommended offer, Alpha shareholders will receive 4,250 pence in cash for each share. The offer represents a premium of around 55 percent to Alpha’s closing price on 1 May 2025, and about 71 percent above its one-month average before that date. The acquisition, to be implemented through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act, values Alpha’s issued and to-be-issued share capital at approximately £1.805 billion and its enterprise value at around £1.61 billion.
The boards of both companies have approved the deal, which remains subject to regulatory and shareholder approval, court sanction, and other customary conditions. Completion is expected in the fourth quarter of 2025. Corpay said it intends to fund the acquisition through a combination of existing cash resources, new debt, and capital-optimisation measures, including potential non-core divestitures.
Founded in London in 2009, Alpha Group provides foreign-exchange risk management, global accounts, and cross-border payment solutions for corporate and institutional clients. The company manages more than 7,000 client accounts and deposits of roughly US $3 billion. It has expanded rapidly in recent years, positioning itself as one of the UK’s most prominent independent providers of FX and alternative-banking services to investment managers.
Corpay, listed on the New York Stock Exchange, said the transaction would significantly expand its European footprint and client base in the institutional and fund-management sectors. The company described Alpha as a complementary business that would strengthen its position in cross-border payments and treasury management.
Alpha’s board has unanimously recommended the offer. Founder and chief executive Morgan Tillbrook has entered an irrevocable undertaking to support the scheme, alongside other major shareholders. Tillbrook said the acquisition would provide long-term stability and open further international growth opportunities for Alpha’s team and clients.
The transaction marks one of the largest cross-border acquisitions of a UK-listed fintech company in 2025, reinforcing the appeal of London-based financial-technology and payments businesses to overseas buyers. For Corpay, the deal aligns with its strategy to scale internationally and deepen its exposure to higher-margin foreign-exchange and liquidity services.
Alpha’s shares are expected to be suspended from trading on the London Stock Exchange on 29 October 2025, with cancellation of the listing anticipated once the scheme becomes effective later in the year. If approved, Alpha will re-register as a private company and integrate into Corpay’s corporate-payments division.
The acquisition underlines continued consolidation across the global business-to-business payments market, as providers seek scale, technology depth, and client diversification to compete in an increasingly regulated environment.
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