Shares in Alpha Group International PLC (AIM:ALPH) have leapt 25% after the board agreed to a takeover by NYSE-listed business payments firm Corpay Inc in an all-cash deal.
Shareholders in the company formerly known as Alpha FX will receive 4,250p per share in cash, valuing the company at approximately £1.8 billion. The shares closed at 3,315p yesterday, up 45% since the start of the year.
Corpay said the acquisition will accelerate its cross-border payments strategy by combining Alpha’s advisory-led European FX and private markets business with its own scale and platform.
It expects the deal to be accretive to cash earnings per share by at least $0.50 in 2026 and to generate significant revenue and cost synergies.
Alpha’s board has unanimously recommended the offer, with founder Morgan Tillbrook and all other directors giving irrevocable undertakings to vote in favour, representing 13.83% of issued shares.
Chair Jayne-Anne Gadhia said the board considers the offer to be "in the best interests of shareholders, clients and staff".
"Whilst the board has always been highly confident in the company's ability to drive significant organic growth on a standalone basis, the material premium that Corpay has offered represents full value in cash for this growth."
CEO Clive Kahn added that founder and former CEO Tillbrook "built a company that not only achieved consistent annual double-digit revenue growth but did so by putting clients first and doing things the right way. That's a rare combination, and it's what sets Alpha apart".
The deal continues a recent trend of US corporate swoops for London-listed mid-caps, including Spirent, Alphawave and Tyman.