FTSE 250 firm Alpha Group is to be acquired by US-based financial services firm Corpay, marking another major UK tech company set to exit the London Stock Exchange.
The deal will see Corpay, which is listed on the New York Stock Exchange, purchase Alpha shares for £42.50 each – a 55 per cent premium on Alpha’s undisturbed share price of £27.45 in May 2025.
The agreement comes just months after the London-based FinTech’s board rejected an initial approach from Corpay.
However, following a revised offer and negotiations, the board has now unanimously recommended the deal to shareholders.
“We couldn’t be happier to acquire Alpha,” said Ron Clarke, CEO of Corpay. “This transaction meaningfully expands our relationships with investment managers and results in four cross border customer segments: corporates, financial institutions, investment funds and digital currency providers.
Founded in 2009 and publicly listed since 2017 – first on AIM and more recently on the main London market – Alpha has grown into a significant player in the corporate payments space.
The company offers FX risk management, global accounts, mass payments and fund finance solutions to a wide range of international businesses.
It initially floated with a share price of 250p, which has since rocketed to 4,157.08p, whilst it has a market cap of £1.76bn.
Describing Alpha as “a large, highly complementary, fast growing corporate payments asset with good prospects,” Clarke said the acquisition would enhance Corpay’s cross-border capabilities.
Since Corapy’s initial offer was rejected on May 6th, Alpha’s shares have risen by over 1,000p.
Clive Kahn, who assumed the position of CEO of Alpha Group at the beginning of 2025, added: “I’ve had the tremendous privilege of serving on the board of Alpha since 2016.
“Over that time, I’ve witnessed a budding business with a differentiated approach become an established player in its field, thanks primarily to a smart strategy, sound execution, and most importantly, great people.
“The offer from Corpay is a strong endorsement of the Alpha management team’s achievements. Great outcomes come from putting the right people in the right environment.
“Joining Corpay, our team will have access to greater scale and resources, but even more importantly, they’ll be part of a culture that values what we’ve built. I’m confident this next chapter will unlock new potential, for our people, our clients, and the business as a whole.”
The takeover adds Alpha to a growing list of UK firms abandoning the London Stock Exchange in favour of overseas ownership, following in the footsteps of companies like Darktrace and Deliveroo.
The deal is expected to be completed in the final months of 2025.