Paysafe Group begins a ‘new era’ as the digital payment services provider floats on the New York Stock Exchange (NYSE) following its combination with SPAC vehicle Foley Trasimene Acquisition II Corp.
Led by US financial services magnet, William Foley II Foley Trasimene had made its initial approach to take Paysfe public last December, targeting a $9 billion valuation.
March proceedings saw Paysafe investors agree to Foley Trasimene SPAC approach, with the company majority investors of Blackstone and CVC Capital agreeing to float its asset on the NYSE on 31 March.
“We are thrilled to complete this business combination with Paysafe and I am personally excited to continue to work with Philip, Blackstone, CVC and the entire board as we continue to execute against our plan for accelerated and profitable growth. “ said William Foley, II, Founder and Chairman of Foley Trasimene and Chairman of Paysafe, commented: “
“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 United States.”
Paysafe has elevated its focus throughout the pandemic, with digital wallets including the Skrill and Neteller brands; and online cash solutions including Paysafecard and Paysafecash, taking on heightened importance during as consumer habits have evolved.
Foley Trasimene has stated its intentions for PaySafe to dominate US payment services for wagering and entertainment incumbents post-PASPA, strengthening the firm’s position as the leading payment technology for the global igaming market.
Philip McHugh, CEO of Paysafe, added: “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.”