OFX Group said on 23 July it had signed a transaction process deed with the owner of UK payments company Equals for an all-cash acquisition at A$1.00 per share, valuing the Sydney-based foreign-exchange and payments provider at about A$247m.
Why Equals (Alakazam Holdings Bidco Limited) is buying OFX Group Limited
OFX's board said that, after a six-month strategic review that weighed non-binding offers from several parties, a break-up and its organic plan, the Equals proposal was in shareholders' best interests, subject to conditions.
Deal terms and financing
The deed gives a pathway to a scheme implementation deed once Equals completes confirmatory due diligence and debt financing. OFX shareholders would receive A$1.00 in cash per share, which may be adjusted by up to A$0.04 depending on OFX's available cash, a 111% premium to the 22 July close of A$0.475.
Regulatory approvals and timing
The scheme would need shareholder and court approval and an independent expert's support. In September exclusivity was extended to 30 October 2026 to finalise Equals' debt financing, and no binding scheme deed had been executed.
Market context
OFX launched its strategic review on 5 February 2026. Equals is regulated in the UK as an electronic money and payment institution and in Belgium as a payment institution.
