- Paysafe will be on the New York Stock Exchange (NYSE) in 2021 under the symbol PSFE.
- The company has made the move into the United States through the NYSE to expand its brand nationwide.
- Paysafe has processed over $100 billion with its various online betting clients around the world.
NEW YORK – Paysafe, a U.K. based internet payment processing company for online gambling platforms has struck a $9 billion merger deal with Foley Trasimene Acquisition Corp II that will allow them to enter the New York Stock Exchange (NYSE).
Foley is a special purpose acquisition company, also known as a SPAC, which are businesses that are largely growing in popularity with online gambling operators that wish to go public and enter the NYSE like DraftKings did earlier this year.
Paysafe’s stock will be known as PSFE on Wall Street.
Paysafe Will Make A Grand Entrance In The U.S.
The SPAC company is delighted to have entered into this merger with Paysafe. The deal itself took quite some time to nail down the exact components and investors that would go into it.
Outside of the price and its general breakdown of it, not much else has been disclosed by either business other than their excitement to begin this new chapter in their quest to further their presence in the United States.
Paysafe has been trying to fully integrate themselves into the USA online gambling industry since PASPA was overturned in 2018 and legal sports betting started to make waves across the nation.
“Today’s announcement begins an exciting new chapter in our company’s history and we’re excited about the partnership with Foley Trasimene, Blackstone, and CVC. Today, more than ever, businesses and consumers need to connect and seamlessly transact via digital commerce,” said Philip McHugh, CEO of Paysafe. “This is what Paysafe does best through our industry-leading payment processing, digital wallet, and online cash solutions. This transaction will allow us to accelerate our growth opportunities across the business, particularly in fast-growth sectors such as iGaming where we are the payments partner of choice.”
All companies involved in this merger believe that the growth potential exceeds that of any transaction of its kind. This investment is the biggest of its kind that’s been seen for any stock and SPAC business deal to date. This is how sure Foley Trasimene Acquisition Corp II is of its future success.
“Upon the formation and initial listing of Foley Trasimene, our team initiated a diligent and thorough search process to source an appropriate partner, with the goal to announce a partnership prior to yearend,” said William P. Foley, II, Founder and Chairman of Foley Trasimene. “Thanks to the hard work of our team, we have reached this milestone with Paysafe as our ideal partner. Philip and the entire management team have positioned Paysafe to be a leading global payments platform. We believe we can further enhance Paysafe’s growth trajectory through accelerated operational transformation and M&A, enabled by our de-levered balance sheet. Paysafe delivers a unique value proposition in large and high-growth markets, such as gaming and e-commerce, enabling the company to generate strong organic revenue growth and margin expansion. With a proven strategy and an experienced management team and our newly formed partnership, we believe Paysafe has significant long-term growth potential.”
Paysafe has done over $100 billion worth of payment processing as a company. The premarket price for shares of PSFE is already up by 13% with the announcement of the merger. Investors for the PIPE have put a combined $2 billion into making this deal come to life.
Fidelity National Title Insurance Co. put in $500 million with Commonwealth Land Title Insurance Co., Chicago Title Insurance Co., and Fidelity & Guaranty Life Insurance Co. Cannae Holdings put in a $350 million investment with this deal. Other businesses also invested, accounting for the remaining $2 billion total.
The new stock will not appear on the NYSE until it is approved by stakeholders and those on the board. This deal is expected to become final during the first quarter of 2021.
Once that occurs, PSFE will be a symbol seen on the NYSE for anyone interested in the stock. Investors believe it will be one to watch as they expect it to rise in value as more U.S. operators use the payment processing firm for their online sports betting and casino platforms.