In a calculated cross-border strike, Corpay Inc., the Atlanta-based corporate payments heavyweight, announced Wednesday that it will acquire Alpha Group International PLC, a London-based foreign exchange and alternative banking firm, in a sweeping $2.2 billion (£1.6 billion) transaction. The deal, advised by Jones Day, brings an end to a high-stakes courtship that saw an earlier offer rebuffed and a final proposal dramatically sweetened.
Under the deal’s terms, Corpay will pay £42.50 per Alpha share—a generous 55% premium over the company’s closing price on May 1, prior to deal rumors heating up.
Months of Maneuvering Culminate in Strategic Alignment
The saga began in early May when Corpay made an initial bid that Alpha promptly turned down. But persistence paid off. After “constructive discussions,” Alpha extended Corpay’s bid deadline to July 24, giving the U.S. suitor time to sharpen its pencils—and sweeten the pot.
The resulting all-cash deal is expected to close in the fourth quarter of 2025, pending shareholder and regulatory approvals on both sides of the Atlantic.
Freshfields LLP served as legal counsel for Alpha Group throughout the process.
