~ Transaction and move to capital markets
expected to accelerate growth, enhance margins, and continue to
build upon Paysafe’s M&A strategy ~
~ Combined company will operate as Paysafe
Limited and will trade on the New York Stock Exchange under the
Ticker PSFE ~
Paysafe Group Holdings Limited, a leading specialized payments
platform, and Foley Trasimene Acquisition Corp. II (NYSE: BFT),
(BFT WS) (“Foley Trasimene”), a special purpose acquisition
company, today announced that they have completed their previously
announced merger. The merger was approved at a special meeting of
stockholders of Foley Trasimene on March 25, 2021, and closed
today, March 30, 2021. The combined company now operates as Paysafe
Limited ("Paysafe") and Paysafe’s common shares and warrants will
begin trading on the New York Stock Exchange (NYSE) under the
ticker symbols “PSFE” and “PSFE.WS” respectively, starting
tomorrow, March 31, 2021.
Paysafe is a leading specialized payments platform, with a
two-sided consumer and merchant network, whose core purpose is to
enable businesses and consumers around the world to connect and
transact seamlessly through payment processing; digital wallets
including the Skrill and Neteller brands; and online cash solutions
including paysafecard and Paysafecash.
William P. Foley, II, Founder and Chairman of Foley Trasimene
will serve as Chairman of Paysafe’s newly formed Board of
Directors. Paysafe’s management team headed up by Philip McHugh,
CEO, will continue to lead the combined company.1
William P. Foley, II, Founder and Chairman of Foley Trasimene
and Chairman of Paysafe, stated, “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. 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.”
Philip McHugh, CEO of Paysafe, stated, “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.”
Eli Nagler, a Senior Managing Director at Blackstone, said:
“Today is a significant milestone for Paysafe and a testament to
the excellent work of their world-class management team over
several years. We believe Paysafe has a long runway for further
growth and look forward to remaining part of the team and seeing
their continued success as a public company.”
Peter Rutland, a Managing Partner at CVC, said, “We are
delighted for Paysafe as they begin their next chapter as a public
company. By combining Paysafe’s leading solutions in high-growth,
specialized markets with Paysafe’s seasoned management team, now
supplemented with Bill Foley’s track record of enhancing organic
and inorganic growth, this company is incredibly well-positioned to
continue a strong growth trajectory and create value for
shareholders and all other stakeholders.”
Advisors
Credit Suisse acted as lead financial advisor and capital
markets advisor to Paysafe. Morgan Stanley also acted as financial
advisor to Paysafe. BofA Securities, J.P. Morgan Securities LLC,
Barclays, Wolfe Capital Markets and Advisory, BMO Capital Markets
and Evercore also acted as capital markets advisors. Simpson
Thacher & Bartlett LLP acted as legal counsel to Paysafe.
Proton Partners acted as strategic advisor to Paysafe.
RBC Capital Markets LLC., BofA Securities and J.P. Morgan acted
as financial advisors to Foley Trasimene. Weil, Gotshal &
Manges LLP acted as legal counsel to Foley Trasimene.
###
Notes to editors:
1 Paysafe’s newly formed Board of Directors
About Paysafe
Paysafe is a leading specialized payments platform. Its core
purpose is to enable businesses and consumers to connect and
transact seamlessly through industry-leading capabilities in
payment processing, digital wallet, and online cash solutions. With
over 20 years of online payment experience, an annualized
transactional volume of US $92 billion in 2020, and approximately
3,400 employees located in 12+ global locations, Paysafe connects
businesses and consumers across 70 payment types in over 40
currencies around the world. Delivered through an integrated
platform, Paysafe solutions are geared toward mobile-initiated
transactions, real-time analytics and the convergence between
brick-and-mortar and online payments. Further information is
available at www.paysafe.com.
About Foley Trasimene Acquisition Corp. II
Foley Trasimene Acquisition Corp. II is a blank check company
whose business purpose is to effect a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization, or
similar business combination with one or more businesses or
entities. For more information, please visit
www.foleytrasimene2.com
About Blackstone
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our $619 billion in
assets under management include investment vehicles focused on
private equity, real estate, public debt and equity, life sciences,
growth equity, opportunistic, non-investment grade credit, real
assets and secondary funds, all on a global basis. Further
information is available at www.blackstone.com. Follow Blackstone
on Twitter @Blackstone.
About CVC
Established in 1981, CVC is a world leader in private equity and
credit with $105.1 billion of assets under management, $160.3
billion of funds committed and a global network of 23 local
offices: 15 across Europe and the Americas and eight in the Asia
Pacific region. CVC is majority owned by its employees and led by
its Managing Partners. CVC's private equity platform manages over
$79 billion of assets and comprises four strategies:
Europe/Americas; Asia; Strategic Opportunities; and Growth
Partners, each of which benefits from CVC's global platform. CVC's
ability to bring to bear the full extent of its global resources on
any situation gives it a competitive advantage when sourcing new
investment opportunities and when creating value during CVC's
ownership period.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Paysafe’s actual
results may differ from their expectations, estimates, and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, Foley
Trasimene’s and Paysafe’s expectations with respect to future
performance and anticipated financial impacts of the business
combination.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially, and potentially adversely, from those expressed or
implied in the forward-looking statements. Most of these factors
are outside Foley Trasimene’s and Paysafe’s control and are
difficult to predict. Factors that may cause such differences
include, but are not limited to: (1) the outcome of any legal
proceedings that may be instituted against Foley Trasimene and/or
Paysafe following the consummation of the business combination; (2)
the impact of COVID-19 on Paysafe’s business; (3) the inability to
maintain the listing of Paysafe’s common shares on the New York
Stock Exchange following the consummation of the business
combination; (4) the risk that the business combination disrupts
current plans and operations; (5) the ability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition, the ability of
Paysafe to grow and manage growth profitably, and retain its key
employees; (6) costs related to the business combination; (7)
changes in applicable laws or regulations; and (8) the possibility
that Paysafe may be adversely affected by other economic, business,
and/or competitive factors. The foregoing list of factors is not
exclusive. Additional information concerning certain of these and
other risk factors is contained in Paysafe’s and Foley Trasimene’s
most recent filings with the SEC and in the Registration Statement
on Form F-4 filed on February 25, 2021 (SEC File No. 333-251552) by
Paysafe, including the proxy statement/prospectus filed on February
26, 2021 in connection with the business combination. All
subsequent written and oral forward-looking statements concerning
Foley Trasimene or Paysafe, the transactions described herein or
other matters and attributable to Foley Trasimene, Paysafe or any
person acting on their behalf are expressly qualified in their
entirety by the cautionary statements above. Readers are cautioned
not to place undue reliance upon any forward-looking statements,
which speak only as of the date made. Each of Foley Trasimene and
Paysafe expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in their
expectations with respect thereto or any change in events,
conditions, or circumstances on which any statement is based,
except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210330006069/en/
Paysafe Media Contact Kate Aldridge Paysafe
Kate.aldridge@paysafe.com +44 750 079 7547
Paysafe Investor Contact William Maina ICR for Paysafe +1
646-277-1236 Paysafe-IR@icrinc.com
Foley Trasimene Acquisition Corp. II Investor Contact Shannon
Devine Solebury Trout +1 203-858-1945 Sdevine@soleburytrout.com
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