US Payment Company Completes Acquisition of FX Firm Worth 2 Trillion Won, Projects Double-Digit Growth for Next Year

Corpay, Inc., a U.S.-based corporate payments company, filed unaudited pro forma combined financial information reflecting the financial impact of its all-cash acquisition of 100% of UK-based Alpha Group International for approximately £1.8 billion (US$2.4 billion, about KRW 3 trillion). The pro forma data include consolidated income statements for full-year 2024 and the first half of 2025, as well as a pro forma balance sheet as of June 30, 2025. Acquisition accounting adjustments encompass the recognition of roughly US$1 billion in goodwill and identifiable intangible assets, interest expense from new borrowings, and alignment of lease and accounting policies. Corpay noted that fair value measurements and purchase price allocation figures may change during the measurement period.

In a separate Form 8-K, Corpay reported that fourth-quarter 2025 revenue rose 21% year-over-year to US$1.25 billion (about KRW 1.7 trillion), while full-year revenue increased 14% to US$4.5 billion (nearly KRW 6 trillion). The company posted net income of US$1.1 billion (approximately KRW 1.5 trillion) and achieved 12% growth in adjusted earnings per share. It disclosed that it had deployed over US$4.3 billion (around KRW 5.8 trillion) in capital—covering the Alpha acquisition, an equity investment in AvidXchange, and US$780 million (about KRW 1 trillion) in share repurchases—and provided annual guidance and a first-quarter outlook targeting 16% revenue growth and 22% adjusted EPS growth in 2026.

Corpay completed the Alpha acquisition at the end of October 2025 and officially announced it in early November, stating that it expanded its lending capacity by approximately US$1.9 billion (roughly KRW 2.5 trillion) through a combination of a revolving credit facility and a new seven-year term loan B to finance the purchase. Previously, the company had reoriented its portfolio toward cross-border payments and corporate disbursements by acquiring Paymerang and GPS Capital Markets and divesting its low-growth private fuel card portfolio.

Headquartered in Atlanta, Georgia, Corpay is an S&P 500 company specializing in global corporate payment solutions, including commercial cards, accounts payable automation, cross-border payments, and vehicle and lodging payment services. As of 2024, it generated about US$4 billion in revenue and US$1.4 billion in adjusted net income, serves over 800,000 corporate clients worldwide, and is listed on the New York Stock Exchange.