Paysafe: Foley-backed blank-check acquisition firm nears $9 billion Paysafe deal: Sources – Latest News

Paysafe’s merger with Foley Trasimene Acquisition Corp II will end result within the London-based firm itemizing in New York, in keeping with the sources.

Paysafe’s present homeowners, non-public fairness corporations Blackstone Group Inc and CVC Capital Companions, will retain a major curiosity within the firm following the merger, the sources mentioned. The deal could possibly be introduced by Monday, the sources added.

A part of the financing for the deal will come within the type of a so-called non-public funding in public fairness (PIPE) price $2 billion, which might make it one of many largest such devices ever raised, in keeping with the sources.

The sources requested anonymity forward of an official announcement. Paysafe, Foley Trasimene Acquisition Corp II and the non-public fairness corporations didn’t instantly reply to requests for remark.

Foley Trasimene Acquisition Corp II is a particular objective acquisition firm (SPAC) that raises cash in an initial public offering (IPO) to merge with one other firm, usually inside two years.

The SPAC secured $1.3 billion from buyers in August.

The SPAC mannequin has turn out to be an more and more common path to the general public markets this yr over a conventional IPO, together with for different funds corporations reminiscent of Paya and Billtrust.

The enchantment of monetary expertise firms as acquisition targets has elevated in the course of the pandemic, as extra individuals store on-line and make extra of their funds digitally.

The deal marks a return to the inventory marketplace for Paysafe, which was taken non-public by Blackstone and CVC in 2017 for $4.7 billion, inclusive of debt.

Paysafe had virtually $100 billion of annualized transactional quantity undergo its platforms in 2019, and supplies each in-store and digital funds options. It’s shifting into areas reminiscent of digital wallets and supporting funds to the rising sports activities betting sector in america, in keeping with its web site.

Foley made his identify as head of insurance coverage agency Constancy Nationwide Monetary Inc, the place he’s nonetheless non-executive chairman. His different monetary providers pursuits embrace being chairman of mortgage knowledge agency Black Knight Inc, whereas he’s the proprietor of the NHL staff the Vegas Golden Knights.