Latest news with #Corpay
Globe and Mail
a day ago
- Business
- Globe and Mail
Corpay Progresses Divestiture Program
Corpay, Inc. (NYSE: CPAY), the corporate payments company, today announced it is divesting one of its legacy lower growth private label fuel card portfolios. Corpay expects to receive approximately $60 million in proceeds from the divestiture and free up approximately $35 million of working capital. Corpay plans to redeploy the capital towards its acquisition of Alpha Group International plc. 'This transaction is consistent with our plan to remix our portfolio towards higher growth Corporate Payments assets. It demonstrates our discipline to seek contract renewals only when economic terms are attractive,' said Ron Clarke, Chairman and CEO of Corpay. The transaction is expected to close in the fourth quarter of 2025 and represents an immaterial contribution to earnings. About Corpay Corpay (NYSE: CPAY), the Corporate Payments Company, is a global S&P 500 provider of commercial cards (e.g, business cards, fleet cards, virtual cards) and AP automation solutions (e.g., invoice and payments automation, cross border payments) to businesses worldwide. We help businesses buy things and pay for things. Our solutions 'keep business moving' and result in our customers better controlling purchases, mitigating fraud, and ultimately spending less. To learn more visit
Business Wire
a day ago
- Business
- Business Wire
Corpay Progresses Divestiture Program
ATLANTA--(BUSINESS WIRE)-- Corpay, Inc. (NYSE: CPAY), the corporate payments company, today announced it is divesting one of its legacy lower growth private label fuel card portfolios. Corpay expects to receive approximately $60 million in proceeds from the divestiture and free up approximately $35 million of working capital. Corpay plans to redeploy the capital towards its acquisition of Alpha Group International plc. 'This transaction is consistent with our plan to remix our portfolio towards higher growth Corporate Payments assets. It demonstrates our discipline to seek contract renewals only when economic terms are attractive,' said Ron Clarke, Chairman and CEO of Corpay. The transaction is expected to close in the fourth quarter of 2025 and represents an immaterial contribution to earnings. About Corpay Corpay (NYSE: CPAY), the Corporate Payments Company, is a global S&P 500 provider of commercial cards (e.g, business cards, fleet cards, virtual cards) and AP automation solutions (e.g., invoice and payments automation, cross border payments) to businesses worldwide. We help businesses buy things and pay for things. Our solutions 'keep business moving' and result in our customers better controlling purchases, mitigating fraud, and ultimately spending less. To learn more visit
Daily Mail
a day ago
- Business
- Daily Mail
Corpay to acquire FTSE 250 fintech alpha group for £1.8bn
Another British fintech champion is to be bought by American predators – in a deal worth £1.8billion. The board of Alpha Group – led by former Virgin Money boss Jayne-Anne Gadhia (pictured) – has accepted a bid from US payments giant Corpay. Shares in the FTSE 250 payments company soared more than 25 per cent after bosses recommended that investors back a sweetened 4250p-per-share offer. The deal comes amid a mounting crisis as a takeover frenzy accelerates. Research from broker Peel Hunt shows the UK is on course for the biggest year of takeovers since 2021, after £74billion of offers in the first half of 2025. Scientific testing firm Spectris has agreed to be bought by American private equity firm KKR for £4.7billion in the biggest deal of the year after a bidding war with Advent International. US semiconductor group Qualcomm is to buy British chipmaker Alphawave for £1.8billion and Deliveroo was swooped on by DoorDash with a £2.9billion offer. Another takeover battle saw Primary Health Properties beat KKR to buy GP surgery owner Assura for £1.8billion. And companies are switching listings to New York, with fintech darling Wise the latest planning to defect. Meanwhile, a lack of fresh listings through initial public offerings means they are not being replaced. Alpha turned down Corpay's initial £1.2billion offer in May but, after talks, the latest bid is a 55 per cent premium to Alpha's undisturbed share price of 2745p on May 1, before news of the takeover interest became public. Dan Coatsworth, an investment analyst at AJ Bell, said: 'The market completely misjudged how much Corpay would offer, judging by the share price jump on the formal bid.' 'While the shares enjoyed a little bump on the initial approach, the market didn't price in a successful bid. The fact Alpha rejected a proposal made it clear to Corpay that it would have to dig a lot deeper or walk away. It got the message loud and clear and Corpay looks to have gone in with its best offer. The 55 per cent bid premium is much more generous than the 40 per cent average seen across UK-listed takeovers so far in 2025,' Coatsworth said. Corpay, an S&P 500 company with a market capitalisation of around £17billion, has its headquarters in Atlanta, Georgia. Following the sale, Alpha will continue to be based in London. But there could be 'possible role overlaps' in some administrative and head office functions, the companies have warned.
Daily Mail
2 days ago
- Business
- Daily Mail
Americans swoop on yet another UK fintech champion: Corpay to buy FTSE 250 Alpha Group in £1.8bn deal
Another British fintech champion is to be bought by American predators – in a deal worth £1.8billion. The board of Alpha Group – led by former Virgin Money boss Jayne-Anne Gadhia – has accepted a bid from US payments giant Corpay. Shares in the FTSE 250 payments company soared more than 25 per cent after bosses recommended that investors back a sweetened 4250p-per-share offer. The deal comes amid a mounting crisis as a takeover frenzy accelerates. Research from broker Peel Hunt shows the UK is on course for the biggest year of takeovers since 2021, after £74billion of offers in the first half of 2025. Scientific testing firm Spectris has agreed to be bought by American private equity firm KKR for £4.7billion in the biggest deal of the year after a bidding war with Advent International. US semiconductor group Qualcomm is to buy British chipmaker Alphawave for £1.8billion and Deliveroo was swooped on by DoorDash with a £2.9billion offer. Another takeover battle saw Primary Health Properties beat KKR to buy GP surgery owner Assura for £1.8billion. And companies are switching listings to New York, with fintech darling Wise the latest planning to defect. Meanwhile, a lack of fresh listings through initial public offerings means they are not being replaced. Alpha turned down Corpay's initial £1.2billion offer in May but, after talks, the latest bid is a 55 per cent premium to Alpha's undisturbed share price of 2745p on May 1, before news of the takeover interest became public. Dan Coatsworth, an investment analyst at AJ Bell, said: 'The market completely misjudged how much Corpay would offer, judging by the share price jump on the formal bid. 'While the shares enjoyed a little bump on the initial approach, the market didn't price in a successful bid. The fact Alpha rejected a proposal made it clear to Corpay that it would have to dig a lot deeper or walk away. 'It got the message loud and clear and Corpay looks to have gone in with its best offer. 'The 55 per cent bid premium is much more generous than the 40 per cent average seen across UK-listed takeovers so far in 2025.' Corpay, an S&P 500 company with a market capitalisation of around £17billion, has its headquarters in Atlanta, Georgia. Following the sale, Alpha will continue to be based in London. But there could be 'possible role overlaps' in some administrative and head office functions, the companies have warned. If job cuts are made solely within Alpha's business, it could affect up to 13 per cent of staff. The takeover, which must be approved by 75 per cent of shareholders, is expected to complete in the final quarter of the year. Alpha chairman Gadhia said: 'I am delighted Corpay has made an offer which the board considers to be in the best interests of shareholders, clients and staff.' Corpay boss Ronald Clarke said: 'We couldn't be happier to acquire Alpha.'
Reuters
2 days ago
- Business
- Reuters
Payments firm Corpay to buy UK's Alpha Group in $2.2 billion private markets push
July 23 (Reuters) - Corpay (CPAY.N), opens new tab will buy British peer Alpha Group (ALPH.L), opens new tab in a $2.2 billion (1.6 billion pounds) cash deal, the U.S.-based business payments firm said on Wednesday, to expand in the fast-growing private markets. The private markets business is gaining traction globally as institutional investor clients seek more efficient and tech-enabled services. Alpha, which holds about $3 billion of deposits in more than 7,000 client accounts, pioneered alternative bank accounts for investment managers and the acquisition will help the Atlanta-based company boost its presence in Europe. "The banking account product and Alpha's technology extend our cross-border solution set and further diversify our revenue streams," said Corpay CEO Ron Clarke. Roughly two-thirds of the UK-based company's revenue comes from the private markets and institutional funds vertical, Corpay executives said. Its corporate foreign-exchange business will also strengthen Corpay's cross-border business in the UK and Europe and open up new markets in Germany, Malta and the Netherlands, executives said. Alpha shareholders will receive 4,250 pence per share, representing a 55% premium to the closing price on May 1, a day before possible takeover talks were disclosed. Shares of Alpha, which rejected the May proposal, jumped 25.3% to 4,155 pence. Corpay rose 0.7%. The transaction is expected to boost Corpay's 2026 earnings per share by at least 50 cents and push its corporate payments revenue north of $2 billion next year. Alpha's founder Morgan Tillbrook, who is the company's largest shareholder with a 12% stake, has agreed to support the transaction. Corpay expects to fund the deal, likely to close in the fourth quarter, through a mix of cash, debt and non-core divestitures. Oppenheimer Europe and Jones Day advised Corpay on the deal. ($1 = 0.7387 pounds)
