12th Sep 2023 10:09
(Alliance News) - Alpha Group International PLC on Tuesday said it agreed to buy a stake of around 85% in Amsterdam-based multibank connectivity platform Financial Transaction Services BV, which trades under the name Cobase.
The Guernsey-based investor said the initial consideration for the acquisition is EUR9.4 million in cash, while the remaining stake will be acquired via an earn-out between 2025 and 2028.
"There are opportunities to amplify one another's growth by leveraging and sharing each other's unique capabilities and experience," Alpha commented.
Once the acquisition is completed, Alpha will have access to Cobase's technology. The multibank platform will keep its team and continue to operate under its own brand and management.
Alpha Founder & Chief Executive Officer Morgan Tillbrook said: "I am excited by the opportunity to work together to accelerate the growth of both businesses and the strong mutual value it will bring to our client bases."
Shares in Alpha were up 0.5% at 2,130.00 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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