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The integrated payments platform, which serves in the online gaming industry among others, will continue to operate under Paysafe upon merger with the special purpose acquisition company, with plans to be publicly listed under the symbol PSFE on the New York Stock Exchange (NYSE).
The cash element of the consideration is to be funded by Foley Trasimene’s cash in trust, formed of $150m in proceeds from the forward purchase agreement with Cannae Holdings, along with $2bn in private placement funds from private and institutional investors.
The placement includes a $500m investment from Fidelity National Title Insurance, Chicago Title Insurance, Commonwealth Land Title Insurance, and Fidelity & Guaranty Life Insurance, while existing Paysafe equity holders, including Blackstone, CVC and management, will remain the largest investors in the merged company.
The transaction is expected to be completed in the first half of 2021, providing approval from Foley Trasimene stockholders and regulatory approvals are met.
Paysafe CEO Philip McHugh said: “This transaction will allow us to accelerate our growth opportunities across the business, particularly in fast growth sectors such as online gaming where we are the payments partner of choice.”
Foley Trasimene founder and chairman William Foley, who will also become chairman of the new merged company, added: “Thanks to the hard work of our team, we have reached this milestone with Paysafe as our ideal partner.
“With a proven strategy and an experienced management team and our newly formed partnership, we believe Paysafe has significant long-term growth potential.”
