Foley Trasimene and Paysafe made a joint statement about the plan of merger. The combined company will list on NY Stock Exchange as Paysafe.
Foley Trasimene Acquisition Corp. II and Paysafe Group Holdings Limited announced that they would be forming a combined company. They released a joint statement on Monday, December 7, 2020.
Foley Transimere is a special purpose acquisition company, a so-called blank check company, dedicated to pursuing capital stock exchange, asset acquisition, merger, and similar business directions.
According to the statement, the Foley Trasimene’s team has found an ideal partner in Paysafe, a leading online and integrated payments platform. Its brands, Skrill, NETELLER, Income Access, Paysafecard, and others operate globally. Plus, they recognized significant growth potential in Paysafe.
Paysafe delivers a unique value proposition in large and high-growth markets, such as gaming and e-commerce, enabling the company to generate strong organic revenue growth and margin expansion.
William P. Foley, II, Founder and Chairman of Foley Trasimene
At $9 billion, the Foley Paysafe merger is one of the largest blank-check banking mergers. According to Bloomberg, only two bigger deals were made in 2020:
According to the statement given on Monday, December 7, 2020, the top investors on board of Bill Foley’s Acquisition Company are:
Paysafe shareholders, existing equity backers, and the company’s management remain the largest investors in the combined company.
With one of the largest blank-check mergers this year, the future of Paysafe seems to be increasingly growth-oriented. According to the joint statement, the combined company has formed a growth and transformation strategy under the leadership of Bill Foley. At the same time, Paysafe CEO Philip McHugh will remain the top manager of the merged company.
With a proven strategy and an experienced management team and our newly formed partnership, we believe Paysafe has significant long-term growth potential," said Bill Foley in support of the current managent.
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