LONDON (UK) – Special purpose acquisition company (SPAC) Foley Trasimene Acquisition Corp II, supported by veteran investor Bill Foley, announced on Monday it has consented to merge with Paysafe Group Holdings Ltd, valuing the payments platform at around $9 billion, including debt.
Paysafe’s merger Foley Trasimene Acquisition Corp II will result in the London-based company listing on the New York Stock Exchange under the symbol “PSFE”.
The appeal of financial technology companies as acquisition targets has increased during the COVID-19 pandemic, as more people shop online and make more of their payments digitally.
The deal marks a return to the stock market for Paysafe, which was taken private by Blackstone Group Inc and CVC Capital Partners in 2017 for $4.7 billion, inclusive of debt.
Part of the financing for the deal will come from a so-called private investment in public equity (PIPE) worth $2 billion, which would make it one of the largest such instruments ever raised.
Paysafe’s current owners Blackstone and CVC will remain the largest investors in the company.
A SPAC raises money in an initial public offering to merge with another company, typically within two years. Foley Trasimene Acquisition Corp II secured $1.3 billion from investors in August.