Paysafe Merges With SPAC and Goes Live

British payment giant Paysafe completed the merger with a Special Purpose Acquisition Company and went live.

Paysafe has finalized the merger with the SPAC Foley Trasimene Acquisition II Corp, beginning a new era as Paysafe Limited. The special purpose acquisition company (SPAC) is owned by businessman William Foley. In December 2020 Mr. Foley said that prior to the deal with Paysafe, an evaluation showed that the company Foley Trasimene is worth nearly 9 billion dollars.

This is including the debts as well. Furthermore, on the 30th of March, the chairman held a press conference where he said that the stockholders approve the merger. In addition, the US Securities and Exchange Commission approved the deal too.

The ticker symbol for Paysafe Limited is PSFE and PSFE.WS., as listed on the New York Stock Exchange. Moreover, the goal of the merger is clear. Since SPAC, or “blank check companies” are the perfect opportunity for a business like Paysafe to go live. The British payment method will now operate as Paysafe Limited, with two chairmen. William Foley, the chairman of Foley Trasimene and Philip McHugh, the chief executive of Paysafe, was assisted by his management team.

Moreover, the main shareholders in Paysafe, Blackstone and CVC will proceed as the largest investors. Also, it is no secret that Paysafe wishes to go after the US market in quite an expanding manner. It can show as quite a smart idea since the US Online Gambling market is just beginning to flourish. Furthermore, many businesses in the gaming industry already use Paysafe in quite a big number of digital transactions, in addition to the igaming industry.

Paysafe has the right assets, team and strategy in place to capitalize 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

William Foley – Chairman of Paysafe & Foley Trasimene Acquisition Corp

Consequently, this is a fool-proof method that companies use regularly to achieve this goal. So it didn’t not a surprise when we learned about the Paysafe and this SPAC merger. Especially when you see the number of companies that use/offer Paysafe as a payment method, regardless of the industry. All in all, smart move by now Paysafe Limited.

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