66.02
Atlanta
Corpay will buy British peer Alpha Group 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.
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