Latest news with #RonClarke
Globe and Mail
24-07-2025
- 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
24-07-2025
- 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
Reuters
23-07-2025
- 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)
Finextra
23-07-2025
- Business
- Finextra
Corpay agrees $2.2bn Alpha Group takeover
Corporate payments outfit Corpay has agreed to buy British peer Alpha Group for $2.2 billion in cash. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Alpha provides B2B cross border FX to corporations and investment funds in the UK and Europe, holding around $3 billion of deposits in over 7000 client accounts. Corpay says the acquisition will improve its FX technology stack and strengthen its ties with investment managers in Europe and beyond. Alpha shareholders will receive 4,250 pence per share, representing a 55% premium to the closing price on 1 May, the day before potential takeover talks were disclosed. An offer in May was rejected. 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,' says Ron Clarke, CEO, Corpay. Corpay has had a busy few months, taking a minority stake in business payments automation platform AvidXchange in a deal also involving TPG, and securing a $300 million investment from Mastercard for a three per cent stake in its cross-border business.
Business Wire
23-07-2025
- Business
- Business Wire
Corpay to Acquire Alpha Group, a B2B Cross Border FX Company
ATLANTA--(BUSINESS WIRE)-- Corpay, Inc. (NYSE: CPAY), the corporate payments company, today announced it has reached agreement on the terms of a recommended cash acquisition of Alpha Group International plc (LSE: ALPH) ('Alpha'). The acquisition values Alpha at an enterprise valuation of approximately $2.2 billion (£1.6 billion). Alpha is a leading provider of B2B cross border FX solutions to corporations and investment funds in the UK and Europe. Alpha pioneered alternative bank accounts as a simpler, faster way for investment managers to fund their investments and pay expenses anywhere in Europe. Today, Alpha holds approximately $3 billion of deposits in over 7,000 client accounts. 'We couldn't be happier to acquire Alpha. 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,' said Ron Clarke, Chairman and CEO of Corpay. 'We're acquiring Alpha for three reasons. First, it's a large, highly complementary, fast-growing corporate payments asset with good prospects. Second, Alpha is a leading provider of alternative bank accounts to European-based investment managers. There is significant runway to expand those investment manager relationships into the US and Asia with our help. The banking account product and Alpha's technology extend our Cross Border solution set and further diversify our revenue streams. And third, we expect the acquisition to be meaningfully EPS accretive in 2026.' 'We're delighted to consummate this transaction with Corpay,' said Clive Kahn, CEO of Alpha Group. 'Corpay's position as the leading non-bank provider of B2B cross border solutions is the perfect home for our people and will broaden their career prospects over time. Additionally, Corpay's global footprint, licenses, bank relationships, technology, and balance sheet will accelerate our growth momentum, particularly in our institutional investor business.' Transaction Details Under the terms of the offer, Alpha shareholders would receive £42.50 per share, representing a 55% premium to Alpha's undisturbed closing share price on May 1, 2025. The terms of the acquisition value the entire issued and to-be-issued ordinary share capital of Alpha at approximately $2.4 billion (£1.8 billion). The acquisition is to be affected by means of a court-sanctioned scheme of arrangement under Part 26 of the UK Companies Act 2006. The Board of Alpha intends unanimously and unconditionally to recommend that Alpha shareholders vote in favor of the scheme at the court and general meetings. Morgan Tillbrook, Alpha founder and former CEO and a significant shareholder, has signed an irrevocable undertaking in support of the transaction as well. The transaction is expected to close in the fourth quarter of 2025, subject to shareholder and regulatory approval and standard closing conditions. We expect to fund the acquisition through a combination of cash, debt, bank capital optimization and non-core divestitures. Advisors Oppenheimer Europe Limited acted as financial advisor to Corpay, and Jones Day acted as legal counsel to Corpay. Guidance As part of the transaction announcement, Corpay is reaffirming Q2 2025 guidance. Any additional information regarding the Company's Q2 2025 performance and 2025 outlook will be shared during the Company's upcoming earnings call on August 6 th. Conference Call: The Company will host a conference call to discuss the Alpha Group transaction today at 9:00 am ET. Hosting the call will be Ron Clarke, chief executive officer, Peter Walker, chief financial officer, Mark Frey, Group President Cross Border and Jim Eglseder, investor relations. The conference call will be webcast live from the Company's investor relations website at The conference call can also be accessed live over the phone by dialing (800) 445-7795 or (785) 424-1699 ; the Conference title is 'CORPAY'. A replay will be available one hour after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the replay access ID is 11159704. The replay will be available through Wednesday, July 30, 2025. Prior to the conference call, the Company will post supplemental deal information that will be discussed during the call and live webcast. 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
