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Foley Trasimene Acquisition Corp. II & Paysafe announce merger at $9bn valuation

By Pavithra R

December 08, 2020

  • Foley Trasimene Acquisition Corp. Ii
  • UK

Foley Trasimene Acquisition Corp. II, a newly formed company whose business purpose is merger and acquisitions in several industries with initial focus on FinTech, has announced entering into a definitive agreement and combination plan with Paysafe Group Holdings Limited, a leading integrated payments platform.

Under the agreement, the newly combined company will trade as “Paysafe” and will become a publicly-traded company under the name Paysafe Limited and will be listed on the New York Stock Exchange (NYSE) under the symbol PSFE.

“After Foley Trasimene was founded and listed, our team embarked on a careful and thorough search process to find a suitable partner with the aim of partnering before the end of the year to announce. It is thanks to the hard work of our team that we have reached this milestone and gained Paysafe as an ideal partner. Philip and the entire management team have positioned Paysafe as a leading global payment platform. We believe we can continue Paysafe’s growth trajectory through accelerated operational transformation, mergers and acquisitions enabled by our strengthened balance sheet. Paysafe offers a unique value proposition in large and high-growth markets such as gaming and e-commerce by enabling the company to deliver strong organic sales growth and strong margin growth. With a proven strategy, an experienced management team and our newly established partnership, we believe that Paysafe has significant long-term growth potential,” said William P. Foley, II, Founder and Chairman of Foley Trasimene.

Paysafe is a leading global provider of end-to-end payment solutions. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through capabilities in payment processing, digital wallet, card issuing and online cash solutions. At closing, Paysafe is valued at a pro forma enterprise value of $ 9 bn.

“Today’s announcement marks the beginning of a new and exciting chapter in our company’s history and we are excited to partner with Foley Trasimene, Blackstone and CVC. Today, companies and consumers need to network more closely than ever and process transactions seamlessly via the digital economy. This is exactly where Paysafe can perform at its best with its industry-leading solutions for payment processing, digital wallets and online cash. With this transaction, we are able to accelerate our growth opportunities across the company, particularly in fast-growing areas like iGaming, where we are the preferred payment partner,” said Philip McHugh, CEO of Paysafe.

Foley Trasimene Acquisition Corp. II is a Blank Check Company and specializes in carrying out mergers, establishing capital exchanges, acquiring assets or stocks, restructuring companies or carrying out similar mergers with one or more companies or businesses.

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