Paysafe goes public following SPAC merger

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Paysafe goes public following SPAC merger

Paysafe Group Holdings has announced the completion of its merger with special purpose acquisition company, Foley Trasimene Acquisition Corp. The combined company will now trade on the New York Stock Exchange as Paysafe Limited.

The deal was first announced last December, and approved at a Foley Trasimene stakeholder meeting on 25 March. It formally closed on 30 March, and the NYSE listing will be live at market open 31 March.

Philip McHugh, CEO of Paysafe, stated: “The closing of this transaction and our listing on the New York Stock Exchange is a huge milestone for Paysafe and getting to this point today is testament to the hard work and dedication of our team around the world. I would also like to thank Bill and the Foley Trasimene team for their backing and belief in our opportunity, and of course Blackstone and CVC for their continued investment and support. We’re excited to be embarking on the next stage of our growth journey as a public company.”

Paysafe previously stated that the combined entity was to be worth around $9bn. The payment solutions provider had an annualised transactional volume of $92bn in 2020, and approximately 3,400 employees located in more than 12 global locations. The company’s Skrill subsidiary recently secured a sponsorship deal with Premier League club, Leeds United, as it continues to expand its global presence.