Paysafe Group will list on the New York Stock Exchange following an agreement with Foley Trasimene Acquisition Corp, in a transaction which values the Isle of Man-based business at $US9 billion (£GB6.75 billion).
Foley Trasimene Acquisition Corp is a special-purpose acquisition company (SPAC) which is purchasing Paysafe from its current owners, the large private equity firms, CVC and Blackstone. At the conclusion of the transaction, Paysafe will be traded on the New York Stock Exchange.
Paysafe was previously a publicly traded company on the London Stock Exchange until CVC and Blackstone took the company private in 2017 for approximately £GB3 billion. SPACs are a mechanism to publicly list a company on a public stock exchange, but without “the pain and embarrassment of a traditional initial public offering.”
Matt Levine, an outstanding writer for Bloomberg, describes SPACs:
Paysafe operates a number of consumer-facing brands including Neteller and Skrill, in addition to providing merchant services. It is especially high profile in the online gambling industry, where consumers have traditionally found it a useful tool to circumvent anti-gambling restrictions of other banks and regulators.