OFX Group's Strategic Review Ends in a 108% Premium Takeover
Years of soft foreign exchange volumes prompted a strategic review that landed on an all-cash acquisition offer from UK-based Equals Group.
30 Sep 2026 · 2 min read
In short
OFX Group agreed to a $1.00-a-share all-cash takeover from UK-based Equals Group, a 108% premium, following a strategic review after a continuing run of mediocre operating performance.
The deal values OFX at around $247 million in equity value, or $233 million enterprise value, at 9.2 times FY26 EV/EBITDA and 0.8 times sales.
OFX and Equals have entered a four-week exclusivity period with an agreed pathway to a scheme of arrangement to complete the transaction.
OFX Group, which spent much of 2026 delivering mediocre operating performance amid soft foreign exchange volumes, ended up agreeing to a $1.00-a-share, 108 percent premium all-cash takeover from UK-based Equals Group, a strategic review outcome fund managers say fairly reflected the company's persistent underperformance even as it delivered shareholders a windfall.
A continuing run of soft results
Forager Funds said OFX delivered a softer first-half result as macroeconomic uncertainty weighed on small business confidence, with net operating income declining 5.6 percent from the prior year, blamed on lower transaction values and subdued foreign exchange volatility, with the consumer segment down 11 percent.
A strategic review lands on a takeover offer
Forager Funds said OFX delivered its strategic review with a credible result despite a continuing run of mediocre operating performance, with UK-based Equals Group agreeing an all-cash proposal at $1.00 a share, a 108 percent premium to the price before the deal was announced. Ryder Capital, a core holder, said positive performance for the month was led by OFX after it entered a transaction process deed with Equals for an all-cash acquisition at $1.00 a share, an 80 percent premium to the 30 June price, with an agreed pathway to a scheme of arrangement. Selector Funds Management detailed the offer as a 108 percent premium to the 48 cent share price on 22 July, representing a $247 million equity value, or $233 million enterprise value, at 9.2 times FY26 EV/EBITDA and 0.8 times sales, with OFX and Equals entering a four-week exclusivity period. Tamim Funds Management confirmed the deal structure through Alakazam Holdings Bidco, Equals Group's owner, for a proposed all-cash acquisition of 100 percent of OFX at the same $1.00 a share.
The offer, a 108% premium to the 48c share price on 22 July, represents a $247m equity value, or $233m enterprise value, at 9.2x EV/EBITDA and 0.8x sales.
— Selector Funds Management, Monthly Report, July 2026
What fund managers say they are watching next is whether the deal completes via the scheme of arrangement pathway, resolution of the exclusivity period and due diligence process, and whether OFX's persistent operating underperformance, the underlying reason the strategic review pursued an exit, resolves under new UK ownership.
Questions
Who is acquiring OFX Group and at what price?
UK-based Equals Group, through its Alakazam Holdings Bidco vehicle, agreed to acquire 100% of OFX Group for $1.00 a share in cash, a 108% premium to the undisturbed share price, valuing the company at around $247 million in equity value.
Why did OFX Group pursue a strategic review that led to a takeover?
OFX Group had delivered a continuing run of mediocre operating performance, including a 5.6% decline in net operating income in its first-half result, prompting a strategic review that ultimately resulted in the Equals Group takeover offer.
What is the process for completing the OFX Group takeover?
OFX Group and Equals Group entered a transaction process deed with a four-week exclusivity period, with an agreed pathway to complete the acquisition through a scheme of arrangement.
7 managers, 31 comments, with each manager's latest recorded position.
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