View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
December 8, 2020

Paysafe plans to go public through merger with Foley Trasimene

UK-based integrated payments platform Paysafe Group and Foley Trasimene, a special purpose acquisition company, have inked a definitive agreement to merge.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

The merger with the blank check firm values the payments group at an implied Pro-forma enterprise value of nearly $9bn.

Transaction terms

The merged entity will be called Paysafe, which will be publicly traded on the New York Stock Exchange (NYSE).

The deal’s cash component will be financed by Foley Trasimene’s cash in trust, $150m from a forward purchase agreement with Canna Holdings and private placement.

The $2bn private placement was contributed by institutional and private investors.

Of this amount, $500m comes from Fidelity National Title Insurance, Chicago Title Insurance, Commonwealth Land Title Insurance and Fidelity & Guaranty Life Insurance.

Investment firm Cannae Holdings invested $350m as part of this private placement.

Other investors include Third Point, Suvretta Capital Management, Hedosophia and the Federated Hermes Kaufmann Funds.

The remaining consideration will comprise equity in the consolidated business.

Paysafe’s existing equity holders, including Blackstone, CVC and management will remain the largest investors.

The deal is expected to complete in H1 2021, subject to Foley Trasimene shareholders’ and regulatory approvals.

Comments

Foley Trasimene founder and chairman William Foley II said: “Thanks to the hard work of our team, we have reached this milestone with Paysafe as our ideal partner.

“We believe we can further enhance Paysafe’s growth trajectory through accelerated operational transformation and M&A, enabled by our de-levered balance sheet.

“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.”

Paysafe CEO Philip McHugh said: “Today’s announcement begins an exciting new chapter in our company’s history and we are excited about the partnership with Foley Trasimene, Blackstone and CVC.

“This transaction will allow us to accelerate our growth opportunities across the business, particularly in fast-growing sectors such as iGaming where we are the payments partner of choice.”

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International