A consortium of Helios Investment Partners funds and Helios Fairfax Partners announced a firm cash offer on 2 March of US$1.15 per share for CAB Payments Holdings, valuing the London-listed cross-border payments group at about $297m, or £221m, on a fully diluted basis.
Why Helios Consortium (Mara BidCo: Helios Fund V, Helios Fairfax Partners, Helios Fund III) is buying CAB Payments Holdings plc
Helios, CAB Payments' largest shareholder, is seeking to take the company private. CAB's independent board said the offer fundamentally undervalues the company, pointing to its 2025 results and guidance for high-teens to low-twenties annual growth in total income excluding net interest income.
Deal terms and financing
The cash price is a 23% premium to the 30-day volume-weighted average share price to 30 January 2026. Shareholders may instead elect unlisted, non-voting BidCo shares, capped at about 15% of the share capital. Helios Fund III holds about 45.1%, and with an irrevocable from Eurocomm and a letter of intent the bid is backed by 52.7%; the acceptance condition is 75%.
Regulatory approvals and timing
The offer document will be published only after financial services regulatory pre-conditions are met in jurisdictions including the UK, the Netherlands, Nigeria and the US, with unconditional status expected in the second quarter of 2027 and a long-stop date of 2 May 2027. CAB's board repeated its rejection in August 2026, saying Helios had not improved its terms after strong interim results.
Market context
StoneX made a rival approach for CAB Payments in March, conditional on Helios providing an irrevocable undertaking, which CAB's board rejected.
