Paysafe goes public via SPAC merger

London-based payments company Paysafe has finalised its merger with Foley Trasimene Acquisition II Corp, a special purpose acquisition company (SPAC) set up by businessman William Foley. Under the agreement, the combined business operates as Paysafe Limited from today.

The merger approved

Founder and chairman of Foley Trasimene William Foley had announced last December that the company was targeting Paysafe in a deal valuing the firm at about $9 billion, including debt.

On March 30, Foley Trasimene stated in a press release that the merger and other closing conditions had been approved by its stockholders and the US Securities and Exchange Commission.

A new company on the NYSE

The new combined business Paysafe Limited will be chaired by the founder and chairman of Foley Trasimene William Foley and current Paysafe’s chief executive Philip McHugh will lead the business and its management team.

Paysafe existing equity holders such as Blackstone and CVC will remain the largest investors.

The company has started today to trade on US public markets with its common shares to trade on the New York Stock Exchange (NYSE) under the ticker symbols PSFE and PSFE.WS.

Penetrate the US gaming market

Foley recently declared in an interview that the company was making plan to “penetrate the domestic gaming market” and hoped to become a “preeminent iGaming leader” on the continent.

“Paysafe has the right assets, team and strategy in place to capitalise on a tremendous opportunity for long-term value creation in the payments industry, especially in iGaming which is really beginning to open up across the US,” said Foley.

Companies in the gaming industry and others use Paysafe products to handle credit card, cash and direct-debit transactions digitally. Prepaid cards and digital wallets are other offerings.

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