Paysafe Now on New York Stock Exchange
The payment provider Paysafe Group (NYSE:PSFE) has announced the completion of its merger with special purpose acquisition company Foley Trasimene Acquisition Corporation. The new combined business will operate as Paysafe Limited, and its common shares are already trading on the New York Stock Exchange under the symbols PSFE and PSFE.SW.
The founder and chair of Foley Trasimene, William Foley, is to be the chair of Paysafe’s new board of directors while Philip McHugh, Paysafe’s chief executive, will be leading the business and its management team.
Foley’s business, Cannae Holdings (NYSE: CNNE), invested $500 million in the deal and as part of it, Cannae received 54,294,395 common shares and 8,134,067 warrants of Paysafe.
The merger, which was announced in December 2020, created a combined entity valued at $9 billion and Paysafe’s existing equity holders, such as Blackstone (NYSE: BX), CVC (ASX: CVC), will remain the business’ largest investors.
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. We’re excited to be embarking on the next stage of our growth journey as a public company.
Foley also commented on the merger saying that they are “thrilled” it is complete and that he is personally excited to continue working with McHugh, Blackstone, CVC, and the rest of the board. He said that he believes that Paysafe has the correct assets, team and strategy “to capitalise 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.”
Paysafe’s new board of directors will now begin their terms. It includes Jim Murren, who was CEO of MGM Resorts International (NYSE: MGM) from December 2008 to February 2020, and Hilary Stewart-Jones, a UK lawyer who has been working with the gambling industry since 1995.