Corpay completes $2.4 billion Alpha Group acquisition

Corpay Inc. (NYSE: CPAY) completed its acquisition of Alpha Group International plc (LSE: ALPH), a B2B cross-border foreign exchange solutions and global bank accounts provider serving corporations and investment funds in the UK and Europe.

The corporate payments company paid $2.4 billion for Alpha Group, which provides global bank accounts to European-based investment managers. Corpay plans to expand Alpha's investment manager relationships into the US and Asia markets.

To fund the acquisition, Corpay amended its revolving credit facility, increasing it by $1 billion to $2.775 billion total. The company also entered into a new $900 million Term Loan B with a seven-year term.

"We're very pleased with the broad participation and oversubscribed demand for our credit facilities, which reflects the broad-based confidence in Corpay's durable earnings power," said Peter Walker, chief financial officer.

Both Moody's and S&P Global maintained their credit ratings on Corpay at Ba1 and BB+ respectively, with stable outlooks.

Bank of America served as administrative agent for the financing, with multiple financial institutions participating as joint lead arrangers and joint bookrunners, including BofA Securities, Barclays, J.P. Morgan Securities, PNC Capital Markets, Wells Fargo Securities, TD Securities, MUFG Bank, BMO Capital Markets, Fifth Third Securities, Bank of Nova Scotia, Capital One Securities, Citizens JMP Securities, and Mizuho Securities USA.

Corpay expects the acquisition to deliver accretion in 2026, according to a company statement. The Atlanta-based company provides commercial cards and accounts payable modernization solutions to businesses worldwide.

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