Financial service provider Corpay has agreed to acquire Alpha Group in a mega-deal worth $2.2 billion.
Corpay, a leading financial services provider, has announced its acquisition of Alpha Group, a British peer specialising in B2B cross-border FX solutions, for approximately $2.2 billion in a recommended cash deal. The acquisition, expected to finalize in late 2025, aims to expand Corpay's footprint in the fast-growing private markets sector and strengthen its presence in Europe.
The acquisition of Alpha Group, which currently holds around $3 billion in deposits across 7,000 accounts, is a strategic move for Corpay. Alpha Group's expertise in alternative bank accounts for investment managers has demonstrated strong growth, with 2024 revenues of $298 million and a compounded annual growth rate (CAGR) of 42% from 2021 to 2024.
The transaction, agreed upon by both companies' boards, will be financed through a combination of cash, debt, bank capital, and divestitures. Upon completion, Alpha Group will transition from a public to a private company under Corpay's ownership.
Clive Kahn, CEO of Alpha Group, expressed that the transaction with Corpay will broaden their career prospects over time. Ron Clarke, Chairman and CEO of Corpay, stated that the acquisition meaningfully expands their relationships with investment managers.
Under the deal terms, shareholders will receive £42.50 per share. The acquisition of Alpha Group is expected to close in Q4 2025, pending approvals, and is expected to be meaningfully EPS accretive in 2026.
The acquisition results in four Cross Border customer segments: corporates, financial institutions, investment funds, and digital currency providers. Corpay believes that its global footprint, licenses, bank relationships, technology, and balance sheet will accelerate Alpha Group's growth momentum, particularly in their institutional investor business.
There is significant runway to expand those investment manager relationships into the US and Asia with Corpay's help. The acquisition of Alpha Group represents a 55% premium, reflecting its strong financial performance and client base.
This acquisition fits into Corpay's broader strategy of acquisition-led growth, complementing earlier deals such as GPS (acquired in December 2024) and Paymerang (July 2025), with further planned expansion including an equity stake in AvidXchange expected to close in Q4 2025.
[1] Corpay Press Release, July 23, 2025. [2] Financial Times, August 11, 2025. [3] City A.M., August 11, 2025. [4] Reuters, August 11, 2025. [5] Corpay Scheme Document, August 11, 2025.
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