Corpay agrees $2.2bn Alpha Group acquisition

BY Richard Summerfield

Corporate payments group Corpay Inc has agreed to acquire British financial services provider Alpha Group in a $2.2bn all-cash deal.

Under the terms of the deal, Alpha shareholders will receive £42.50 per share, representing a 55 percent premium to Alpha’s undisturbed closing share price on 1 May 2025. The terms of the acquisition value the entire issued and to-be-issued ordinary share capital of Alpha at approximately $2.4bn. The acquisition is to be affected by means of a court-sanctioned scheme of arrangement under part 26 of the UK Companies Act 2006.

Alpha’s board intends to unanimously and unconditionally recommend that its shareholders vote in favour of the scheme at the court and general meetings. Morgan Tillbrook, Alpha founder and former chief executive and a significant shareholder, has signed an irrevocable undertaking in support of the transaction as well. The deal is expected to close in the fourth quarter of 2025, subject to shareholder and regulatory approval and standard closing conditions. The deal is to be funded through a combination of cash, debt, bank capital optimisation and non-core divestitures.

“We couldn’t be happier to acquire Alpha,” said Ron Clarke, chairman and chief executive of Corpay. “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.

“We’re acquiring Alpha for three reasons,” he continued. “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, chief executive 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.”

Corpay said the acquisition will boost its cross-border payments strategy by combining Alpha’s advisory-led European foreign exchange and private markets business with its own scale and platform. The company expects the deal to be accretive to cash earnings per share by at least $0.50 in 2026 and to generate significant revenue and cost synergies.

News: Payments firm Corpay signs $2.2 billion deal for UK's Alpha Group

Glucose monitoring firm LifeScan files for Chapter 11

BY Fraser Tennant

As part of a plan to be taken over by its creditors, blood glucose monitoring device manufacturer LifeScan has filed for Chapter 11 bankruptcy protection under a prearranged restructuring support agreement (RSA).

Through the RSA, LifeScan expects to reduce more than 75 percent of its $1.275bn debt, which will enable the company to accelerate strategic investments that will support the future of the business.

LifeScan’s international subsidiaries are not included in the Chapter 11 filing in the US.

LifeScan expects to emerge from the bankruptcy process under the majority ownership of a group of the company’s existing lenders, with whom it has had a longstanding and productive relationship. The company’s financial partners recognise the strong and growing potential of the glucose management industry, and through this process have committed their support for LifeScan’s go-forward strategy.

A global leader in blood glucose monitoring and digital health technology, LifeScan’s OneTouch brand products help more than 20 million people with diabetes and their caregivers around the world improve the quality of life for people with diabetes with products and digital platforms defined by simplicity, accuracy and trust.

“This balance sheet restructuring will significantly strengthen LifeScan’s financial position, enabling us to continue serving more than 20 million customers across 50-plus countries and put new growth strategies in place,” said Valerie Asbury, chief executive of LifeScan. “With a stronger financial foundation upon emerging from this process, LifeScan will be better positioned to invest in its global business.”

This investment will see LifeScan continue to prioritise product availability and superior customer service as it works proactively to become one of the most comprehensive players in the glucose management industry. As part of this effort, the company intends to accelerate strategies in the US market that offer both stronger economics and more predictable patient access.

“In the US, we will continue to take action to expand access to OneTouch so consumers can continue to manage their health with our reliable and affordable products, without the need for a prescription,” continued Ms Asbury. “We recognise that our products are essential for people with diabetes to make life-sustaining decisions and are evolving our model to bring products and services to market through multiple channels.”

LifeScan intends to operate in the ordinary course throughout the restructuring proceedings and anticipates emerging by the end of 2025, with a strengthened balance sheet and enhanced liquidity to support its US and international growth initiatives.

Ms Asbury concluded: “LifeScan is deeply grateful for the partnership of its lenders and sponsor and the unyielding commitment of its employees, which will enable it to become a stronger company and create a world without limits for people with diabetes.”

News: Vital diabetes care health care brand files Chapter 11 bankruptcy

Waters acquires BD's biosciences unit in $17.5bn deal

BY Fraser Tennant

In a transaction that creates an innovative life science and diagnostics leader, US laboratory equipment maker Waters is to acquire medical technology firm Becton Dickinson (BD) for approximately $17.5bn.

Under the terms of the definitive agreement, BD’s shareholders will own approximately 39.2 percent of the combined company, and existing Waters shareholders are expected to own approximately 60.8 percent. BD will also receive a cash distribution of approximately $4bn prior to completion of the combination, subject to adjustment for cash, working capital and indebtedness.

The transaction, which has been unanimously approved by the boards of directors of both Waters and BD, is structured as a Reverse Morris Trust, where BD’s Biosciences & Diagnostic Solutions business will be spun-off to BD shareholders and simultaneously merged with a wholly owned subsidiary of Waters.

“This transaction marks a pivotal milestone in Waters’ transformation journey as we embark on a new chapter of growth and value creation,” said Flemming Ornskov, chairman of Waters. “We are confident that this combination will accelerate our strategy in multiple high-growth markets and deliver substantial near- and long-term value to our shareholders.”

The acquisition gives Waters greater scale, doubling its total addressable market to about $40bn, with a 5 to 7 percent annual growth rate. Additionally, over 70 percent of the combined company’s revenue is expected to be recurring annually and over half of instrument revenue is expected to be recurring within a typical five- to 10-year replacement cycle.

“This transaction is an important milestone for BD, as it enhances our strategic focus as a leading medical technology company,” said Tom Polen, chairman and chief executive of BD. “BD is committed to unlocking long-term value through continued investment in our strong innovation pipeline, and operational and commercial excellence that will drive durable and profitable growth.”

The transaction is expected to close around the end of the first quarter of 2026, subject to receipt of required regulatory approvals, Waters shareholder approval and satisfaction of other customary closing conditions.

“We are bringing together two pioneering organisations with a rich history of delivering breakthrough innovations driven by strong R&D investment and a common customer-centric culture,” said Udit Batra, president and chief executive of Waters. “Together, we will work to make this combination a resounding success for our stakeholders and deliver significant value for shareholders.”

News: Waters to buy Becton unit in a $17.5 billion deal amid tariff pressures

Huntington Bancshares agrees $1.9bn Veritex deal

BY Richard Summerfield

In a move to strengthen its position in Texas, Huntington Bancshares has agreed to acquire its smaller rival Veritex Holdings in an all-stock transaction valued at $1.9bn.

The merger is expected to close in the fourth quarter of 2025 and will see Veritex merge into Huntington, with Huntington continuing as the surviving entity. This strategic acquisition is anticipated to accelerate Huntington’s organic growth initiatives and bolster its market position in Texas, one of the fastest-growing economies in the US. Dallas-based Veritex operates over 30 branches in Texas, with total assets of about $13bn.

Under the terms of the agreement, Huntington will issue 1.95 shares for each outstanding share of Veritex in a 100 percent stock transaction. Based on Huntington’s closing price of $17.39 as of 11 July 2025, the consideration implies $33.91 per Veritex share or an aggregate transaction value of $1.9bn.

“This combination supports our ambitions and reflects our long-term commitment to the state of Texas, one of the most dynamic and fastest-growing economies in the country,” said Steve Steinour, chairman, president and chief executive of Huntington Bancshares. “The Veritex team brings deep local relationships, a strong commercial banking franchise and customer loyalty, and this partnership will serve as a springboard for substantial future growth in the state.”

“Veritex has always been a people and community focused bank,” said Malcolm Holland, chairman, president and chief executive of Veritex. “We have found a partner in Huntington Bank who shares and lives out those same values. We are very excited about becoming part of the Huntington family and bringing more capabilities to our Texas clients than ever before.”

Upon completion of the deal, Mr Holland will join Huntington in a non-executive role as chairman of Texas and continue his work to serve local customers and communities.

At the same time as the announced deal for Veritex, Huntington reported strong preliminary second-quarter results for 2025, with significant growth in loans, deposits and net interest income, reflecting its robust financial performance.

Huntington Bancshares has around $210bn in assets. Founded in 1866, the company provides a comprehensive suite of banking, payments, wealth management and risk management products and services to consumers, small and middle-market businesses, corporations, municipalities and other organisations. Huntington operates 968 branches across 13 states in the US.

News: Huntington Bancshares signs $1.9 billion deal for rival Veritex in Texas push

Linqto files for Chapter 11 bankruptcy protection

BY Richard Summerfield           

Private investment platform Linqto has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of Texas.

The company, which enabled retail investors to purchase shares in pre-IPO companies like Ripple through series limited liability companies (LLCs), filed for bankruptcy protection on Monday citing “potentially insurmountable operating challenges” as the main driver behind the filing.

According to court documents, the firm’s investment vehicle, LiquidShares, holds securities valued at over $500m across 111 companies, including 4.7 million Ripple shares. The filing, which includes Linqto Inc. and affiliated entities, aims to protect asset value while restructuring operations under judicial oversight. Linqto will continue limited business activities during proceedings and secured up to $60m in debtor-in-possession financing from Sandton Capital Partners to maintain critical operations.

“After carefully evaluating Linqto’s alternatives, the board of directors made the decision that seeking a court-supervised restructuring was in the best interests of all Linqto customers to preserve, protect, and maximize the value of Linqto’s assets for the benefit of its stakeholders,” said Dan Siciliano, chief executive of Linqto. “Linqto cannot continue to operate under existing conditions without restructuring. The company faces potentially insurmountable operating challenges as a result of serious alleged securities law violations and related ongoing investigations by the Division of Enforcement of the US Securities and Exchange Commission as well as other regulatory agencies. In addition, Linqto recently discovered several serious defects in the corporate formation, structure, and operation of the business that raise questions about what customers actually own and which management believes can only be fairly and effectively addressed through restructuring.”

He continued: “When the new management team was hired in early 2025, we made it clear that there can be no path forward that preserves value of customer interests without remediating alleged securities laws violations from prior management and not breaking the law. Despite reducing expenses, the only way forward is to seek court-supervised protection that will let us restructure the business into a profitable, law-abiding organization while resolving the ongoing regulatory investigations faster.”

The company has faced increased scrutiny from US regulators of late. According to The Wall Street Journal, internal reviews of the company have also raised serious red flags. Linqto allegedly marketed private equity investments to ineligible retail investors, failed to properly transfer title of securities to customers, and sold Ripple shares to users at markup levels far above the 10 percent cap permitted by the SEC.

Linqto has appointed Jeffrey S. Stein of Breakpoint Partners as its chief restructuring officer and has said it intends to cooperate with regulators throughout the process.

News: Linqto Files for Voluntary Chapter 11 to Protect and Maximize Stakeholder Value Through Court-Supervised Restructuring