Payment platform company Paysafe is going public through a reverse merger with blank check company Foley Trasimene Acquisition Corp., listing on the New York Stock Exchange under the symbol "PSFE."
Foley is backed by investor Bill Foley. The merger values Paysafe at about $9 billion, including debt. Foley will become chairman of the company's board with Paysafe CEO Philip McHugh continuing in his role.
"Philip and the entire management team have positioned Paysafe to be a leading global payments platform. We believe we can further enhance Paysafe’s growth trajectory through accelerated operational transformation and M&A, enabled by our de-levered balance sheet," Foley said.
The cash component of the merger will be funded by Foley's cash in trust, about $150 million from a forward purchase agreement with Canna Holdings, and a $2 billion private placement from various institutional and private investors.
Paysafe is backed by investment firm Blackstone and CVC Capital Partners. The pair took Paysafe private in 2017 for $4.7 billion.
"Today’s announcement begins an exciting new chapter in our company’s history and we’re excited about the partnership with Foley Trasimene, Blackstone and CVC," McHugh said.
"This transaction will allow us to accelerate our growth opportunities across the business, particularly in fast growth sectors such as iGaming where we are the payments partner of choice."
Special purpose acquisition companies - SPACs - have been a popular vehicle for companies looking to go public in 2020's hot IPO market without having to go through the full process of listing on a major exchange.