CPAY · 10-Q · 2026Q3 · Full report

Acquisition / Partnership / Divestiture

CORPAY, INC. · 2026-11-05 · Importance 65 · Surprise 60 · In source text

Corpay sold PayByPhone in March 2026 for approximately $424.7 million net of cash disposed and recorded a $125.5 million pretax gain for the nine months; it recorded an additional $3.0 million gain in the third quarter from working-capital adjustments. Corpay agreed in June 2026 to sell its Maintenance business for approximately £600 million, or $800 million, and completed the sale on November 2, 2026. In October 2025, Corpay invested approximately $578 million for a 35% interest in a TPG partnership that acquired AvidXchange for an enterprise valuation of approximately $1.9 billion; Corpay has a potential right to acquire the remaining partnership equity 33 months after closing for approximately 2.5 times invested capital. Corpay also completed its approximately $2.4 billion acquisition of Alpha Group International in October 2025, funded with Credit Facility borrowings, and acquired a Brazil-based customer portfolio for approximately $48.8 million in September 2026.

Key facts

• On October 31, 2025, Corpay completed its acquisition of Alpha Group International plc for £42.50 per share, an aggregate purchase price of approximately £1.8 billion, or $2.4 billion, funded with Credit Facility borrowings. source
• Mastercard acquired a 2.3% noncontrolling interest in Corpay's cross-border payments business for $300 million; the investment closed December 1, 2025. source
• Corpay sold PayByPhone in March 2026 and received approximately $424.7 million of proceeds, net of cash disposed. source
• Corpay announced the divestiture of its BP private-label fuel-card portfolio for approximately $60 million in July 2025; the transaction closed in October 2025. source
• On September 8, 2026, Corpay acquired a Brazil-based customer portfolio for approximately $48.8 million; the portfolio’s results are reported in Vehicle Payments from the acquisition date. source
• Mastercard may put its interest back to Corpay during the six months beginning August 1, 2027; if it does not, Corpay may call the interest during the six months beginning May 1, 2028, for invested capital plus 8% annual compounded return. source
• Corpay recorded a $125.5 million pretax net gain on the PayByPhone disposal during the nine months ended September 30, 2026. source
• Corpay acquired 100% of Gringo in February 2025 for approximately $153.7 million, net of approximately $10.2 million of cash; its controlling interest in Zapay increased to approximately 86% after a capital infusion equal to the purchase price. source

Impact estimates