06:30 AM EDT, 07/23/2025 (MT Newswires) -- Corpay ( CPAY ) said Wednesday it has agreed on the terms of a recommended cash acquisition of Alpha Group International, valuing the business-to-business cross-border FX services provider at an enterprise value of about $2.2 billion.

Under the terms of the proposed deal, Alpha shareholders will receive 42.50 British pounds ($57.57) per share, representing a 55% premium to Alpha's undisturbed closing price on May 1. The deal values Alpha's entire issued and to-be-issued share capital at around $2.4 billion.

Alpha's major shareholder, Morgan Tillbrook, has committed to supporting the transaction, and the board plans to unanimously and unconditionally recommend that shareholders vote in favor.

Corpay ( CPAY ) will fund the acquisition through a combination of cash, debt, capital optimization, and non-core divestitures. The transaction is expected to close in Q4.

Additionally, Corpay ( CPAY ) has reaffirmed its Q2 guidance.