Paysafe Completes Merger with Foley Trasimene, Begins Trading on NYSE

The financial services firm Paysafe Group has finalized its combination with the special purpose acquisition company Foley Trasimene.

The merged entity will operate under the name Paysafe Limited, and its shares will commence trading on the New York Stock Exchange starting today (March 31) under the symbols PSFE and PSFE.WS. William Foley, the founder and chairman of Foley Trasimene, will assume the role of chairman of Paysafe’s newly formed board of directors. Meanwhile, Philip McHugh, Paysafe’s chief executive officer, will continue to lead the company and its management team.

Paysafe previously stated that the merger, initially announced last December, would result in a combined entity valued at $9 billion (£6.5 billion/€7.7 billion).

Existing Paysafe investors, including Blackstone, CVC, and its management team, will maintain their significant ownership stakes in the company.

The merger was contingent upon approval from Foley Trasimene shareholders, the U.S. Securities and Exchange Commission, and the fulfillment of other closing requirements.

“The completion of this transaction and our listing on the New York Stock Exchange represents a significant achievement for Paysafe,” McHugh remarked. “Reaching this point today is a testament to the hard work and dedication of our global team.”

The organization expressed delight in commencing the subsequent phase of their expansion as a publicly traded entity.

Fore further stated, “We are pleased to finalize this amalgamation with Paysafe, and I am personally enthusiastic about continuing to collaborate with Philip, Blackstone, CVC, and the entire board as we persist in propelling our strategy for rapid, lucrative growth.

“Paysafe possesses the essential elements, personnel, and strategy to capitalize on the substantial long-term value prospects within the payments sector, particularly within the iGaming domain, which is experiencing significant expansion in the United States.”

Following the completion of the merger, Paysafe’s newly constituted board of directors has commenced its responsibilities. The board comprises eleven members, including Jim Murren, who served as the CEO of MGM Resorts International from December 2008 to February 2020, and Hilary Stewart-Jones, a British legal professional who has been providing counsel to gaming enterprises and associated businesses since 1995 and has held a position at the law firm Harris Hagan.

William P. Foley II will assume the role of chairman following his company, Cannae Holdings, contributing $500 million to the merger. As part of the agreement, Cannae acquired 54,294,395 shares of Paysafe common stock and 8,134,067 warrants.

“We are pleased to finalize this amalgamation with Paysafe, and I am personally enthusiastic about continuing to collaborate with Philip, Blackstone, CVC, and the entire board as we persist in propelling our strategy for rapid, lucrative growth,” Foley remarked.

Philip McHugh, Matthew Bryant, Walter McNeely, Eli Nagler, and Peter Rutland will remain on the board of directors.

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