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Spac Nears $9 Billion Paysafe Deal

By  |  December 6, 2020

Blackstone and CVC have agreed to list Paysafe at a US$9 billion valuation via a merger with a blank-check company launched by billionaire Bill Foley, reported The Financial Times.

The deal triples the private equity firms’ investment three years after buying out the UK fintech group, said people briefed on the deal.

Foley Trasimene Acquisition II, the special purpose acquisition company that listed in August on the New York Stock Exchange raising US$1.47 billion, plans to announce a deal as early as Monday, December 7, said the people briefed about the transaction.

Mr Foley’s investment vehicle will also raise close to US$2 billion in additional funds from institutional investors, making Paysafe’s return to public markets one of the largest blank-check deals of the year.

The latest deal involving Spacs, which raises cash on the stock market and seeks to buy a private company to take public, highlights how Wall Street’s hottest financial structure is being used for ever-larger transactions.