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Helios Fairfax Partners Corporation provides update with respect to offer for CAB Payments Holdings plc

Helios Fairfax Advances CAB Payments Takeover Amidst Regulatory Scrutiny

By The Northwire Desk — AI Analysis Apr 17, 2026 · 10:44 HFPC · 1.85

Executive Summary

The most recent release (April 17, 2026) confirms the Helios Consortium has officially rejected a non-binding proposal from StoneX Group Inc. to acquire CAB Payments Holdings plc at 110 pence per share.
The consortium confirmed it will not provide an irrevocable undertaking or support the StoneX Proposal.
Helios is proceeding with its original cash offer for CAB Payments announced on March 2, 2026, valued at approximately USD $75 million equity contribution (up to ~$297 million fully diluted).
The consortium holds or controls approximately 52.50% of CAB Payments' issued share capital as of April 16, 2026.
Previous financial results (March 27, 2026) showed record net earnings of $40.5 million for 2025 and a book value per share increase to $4.22.
The credit facility was increased to $85 million with an optional $15 million uplift in February 2026, providing liquidity for the acquisition bridge funding.

Material Impact

Deal Certainty: The rejection of StoneX removes a potential competing bid that could have driven up the purchase price or stalled the transaction. This is positive but largely consistent with the March 27 announcement which already noted the decline of the irrevocable undertaking from Helios to StoneX.
Financial Health: HFPC reported record earnings and increased book value in 2025, indicating strong operational performance that supports its ability to fund the acquisition without immediate distress.
Execution Risk: The CAB Payments board has previously refused to supply "Requisite Information" for regulatory filings (March 27 news). While April 17 states they are working toward satisfying conditions, this implies potential delays remain a risk.
Valuation Impact: The offer price remains at $1.15 per share for CAB Payments. There is no indication of an increased premium in the latest update compared to previous announcements.
Materiality Level: While the acquisition itself is material to HFPC's portfolio, this specific news release is a procedural confirmation rather than a new strategic pivot or valuation surprise.

HFPC · Price

Company Overview

Company: Helios Fairfax Partners Corporation is an investment holding company focused on private equity and asset management, primarily in emerging markets.
Flagship Project: The current primary strategic initiative is the acquisition of CAB Payments Holdings plc, a payments technology firm.
Development Status: The offer was announced in February 2026 as "possible," became a formal cash offer in March 2026, and is currently in the regulatory satisfaction phase as of April 2026.
Portfolio Performance: Portfolio investments grew 17.4% to $463.7 million in 2025, with significant unrealized gains from Seven Rivers common shares and Helios Fund IV LP interests.

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