Regulators greenlight Corpay's takeover of Alpha

(Sharecast News) - Alpha Group International's £1.6bn takeover by America's Corpay has been given the green light by regulators, the UK fintech confirmed on Thursday.

Alpha first agreed to be acquired by the rival business payments firm in July, sending shares in the FTSE 250 company soaring.

Shareholder approval was secured last month and on Thursday Alpha confirmed that the deal had been signed off by the relevant regulatory bodies, including the Financial Conduct Authority.

The deal is now set to complete by the end of this month, following a court hearing on 28 October to approve the scheme of arrangement.

Trading in Alpha's shares will then be suspended from 29 October before being cancelled on 3 November.

Alpha, a specialist in business payments, holds around $3bn in deposits in more than 7,000 client accounts.

The deal is expected to significantly bolster Atlanta-based Corpay's presence in Europe.