Paysafe Completes Business enterprise Mix with Foley Trasimene Acquisition Corp. II
~ Transaction and go to money marketplaces anticipated to accelerate expansion, enhance margins, and proceed to make on Paysafe’s M&A strategy ~
~ Combined corporation will operate as Paysafe Minimal and will trade on the New York Stock Trade under the Ticker PSFE ~
Paysafe Group Holdings Constrained, a leading specialized payments platform, and Foley Trasimene Acquisition Corp. II (NYSE: BFT), (BFT WS) (“Foley Trasimene”), a special function acquisition company, today introduced that they have concluded their formerly announced merger. The merger was accredited at a unique assembly of stockholders of Foley Trasimene on March 25, 2021, and shut now, March 30, 2021. The combined organization now operates as Paysafe Confined (“Paysafe”) and Paysafe’s frequent shares and warrants will start investing on the New York Stock Exchange (NYSE) beneath the ticker symbols “PSFE” and “PSFE.WS” respectively, setting up tomorrow, March 31, 2021.
Paysafe is a primary specialised payments platform, with a two-sided shopper and merchant network, whose main goal is to enable enterprises and shoppers all over the globe to join and transact seamlessly by way of payment processing electronic wallets which include the Skrill and Neteller makes and on the internet cash alternatives including paysafecard and Paysafecash.
William P. Foley, II, Founder and Chairman of Foley Trasimene will serve as Chairman of Paysafe’s freshly formed Board of Directors. Paysafe’s management group headed up by Philip McHugh, CEO, will go on to guide the blended business.1
William P. Foley, II, Founder and Chairman of Foley Trasimene and Chairman of Paysafe, stated, “We are thrilled to total this business mix with Paysafe and I am individually fired up to proceed to function with Philip, Blackstone, CVC and the total board as we carry on to execute versus our approach for accelerated and profitable development. Paysafe has the proper property, workforce and approach in put to capitalize on a remarkable option for lengthy-phrase worth creation in the payments sector, specifically in iGaming which is actually commencing to open up up across the United States.”
Philip McHugh, CEO of Paysafe, said, “The closing of this transaction and our listing on the New York Stock Exchange is a substantial milestone for Paysafe and receiving to this level now is testament to the tricky function and commitment of our crew all around the planet. I would also like to thank Bill and the Foley Trasimene group for their backing and belief in our prospect, and of class Blackstone and CVC for their ongoing financial investment and aid. We’re psyched to be embarking on the following stage of our growth journey as a public firm.”
Eli Nagler, a Senior Managing Director at Blackstone, said: “Today is a considerable milestone for Paysafe and a testament to the excellent function of their planet-course administration staff in excess of various years. We consider Paysafe has a prolonged runway for additional progress and appear ahead to remaining part of the workforce and seeing their ongoing good results as a community corporation.”
Peter Rutland, a Controlling Spouse at CVC, mentioned, “We are delighted for Paysafe as they begin their up coming chapter as a public enterprise. By combining Paysafe’s primary options in superior-progress, specialized marketplaces with Paysafe’s seasoned administration crew, now supplemented with Bill Foley’s track document of improving organic and inorganic advancement, this firm is extremely properly-positioned to carry on a sturdy growth trajectory and create benefit for shareholders and all other stakeholders.”
Advisors
Credit history Suisse acted as guide economic advisor and cash marketplaces advisor to Paysafe. Morgan Stanley also acted as monetary advisor to Paysafe. BofA Securities, J.P. Morgan Securities LLC, Barclays, Wolfe Cash Marketplaces and Advisory, BMO Money Markets and Evercore also acted as capital markets advisors. Simpson Thacher & Bartlett LLP acted as authorized counsel to Paysafe. Proton Companions acted as strategic advisor to Paysafe.
RBC Cash Markets LLC., BofA Securities and J.P. Morgan acted as money advisors to Foley Trasimene. Weil, Gotshal & Manges LLP acted as authorized counsel to Foley Trasimene.
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Notes to editors:
1 Paysafe’s freshly shaped Board of Administrators
About Paysafe
Paysafe is a main specialized payments system. Its core function is to permit firms and consumers to hook up and transact seamlessly through market-primary capabilities in payment processing, electronic wallet, and online money alternatives. With in excess of 20 many years of on-line payment expertise, an annualized transactional volume of US $92 billion in 2020, and close to 3,400 staff situated in 12+ international destinations, Paysafe connects organizations and people throughout 70 payment forms in about 40 currencies all over the earth. Shipped as a result of an built-in system, Paysafe remedies are geared toward cellular-initiated transactions, real-time analytics and the convergence concerning brick-and-mortar and on the net payments. Further more information is available at www.paysafe.com.
About Foley Trasimene Acquisition Corp. II
Foley Trasimene Acquisition Corp. II is a blank verify firm whose business enterprise objective is to outcome a merger, money inventory exchange, asset acquisition, stock order, reorganization, or related organization blend with one or extra corporations or entities. For additional data, please check out www.foleytrasimene2.com
About Blackstone
Blackstone is one particular of the world’s top expenditure corporations. We request to make constructive economic impression and lengthy-phrase price for our investors, the corporations we spend in, and the communities in which we function. We do this by using amazing folks and versatile cash to aid companies clear up difficulties. Our $619 billion in belongings below management include things like investment decision cars focused on non-public fairness, genuine estate, community credit card debt and fairness, life sciences, advancement fairness, opportunistic, non-investment quality credit rating, authentic belongings and secondary funds, all on a worldwide basis. Even further data is out there at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
About CVC
Set up in 1981, CVC is a globe leader in personal equity and credit with $105.1 billion of assets beneath management, $160.3 billion of cash committed and a world wide community of 23 community places of work: 15 throughout Europe and the Americas and 8 in the Asia Pacific region. CVC is greater part owned by its employees and led by its Running Associates. CVC’s private fairness system manages above $79 billion of property and contains four approaches: Europe/Americas Asia Strategic Options and Expansion Associates, each of which rewards from CVC’s world platform. CVC’s potential to bring to bear the whole extent of its international sources on any scenario offers it a competitive gain when sourcing new expenditure opportunities and when creating worth for the duration of CVC’s possession interval.
Ahead-On the lookout Statements
This press launch incorporates “ahead-searching statements” within the this means of the “safe and sound harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. These ahead-hunting statements are delivered for illustrative applications only and are not supposed to serve as, and ought to not be relied on by any investor as, a assure, an assurance, a prediction or a definitive assertion of simple fact or chance. Paysafe’s actual outcomes might differ from their expectations, estimates, and projections and, therefore, you need to not rely on these forward-hunting statements as predictions of long run situations. Text this sort of as “count on,” “estimate,” “task,” “funds,” “forecast,” “foresee,” “intend,” “program,” “might,” “will,” “could,” “should really,” “thinks,” “predicts,” “probable,” “go on,” and similar expressions (or the unfavorable variations of these kinds of phrases or expressions) are meant to recognize these kinds of forward-on the lookout statements. These forward-hunting statements include, devoid of limitation, Foley Trasimene’s and Paysafe’s expectations with regard to potential effectiveness and expected economical impacts of the business mix.
These ahead-seeking statements include important dangers and uncertainties that could result in the actual results to vary materially, and potentially adversely, from those expressed or implied in the forward-searching statements. Most of these components are outside the house Foley Trasimene’s and Paysafe’s manage and are tricky to forecast. Things that may induce this kind of differences incorporate, but are not restricted to: (1) the final result of any legal proceedings that may possibly be instituted versus Foley Trasimene and/or Paysafe following the consummation of the enterprise mix (2) the impression of COVID-19 on Paysafe’s business enterprise (3) the lack of ability to sustain the listing of Paysafe’s prevalent shares on the New York Inventory Exchange subsequent the consummation of the small business mixture (4) the chance that the business enterprise blend disrupts present-day options and operations (5) the means to identify the predicted benefits of the enterprise combination, which could be impacted by, among the other points, opposition, the potential of Paysafe to expand and take care of development profitably, and retain its key staff (6) expenses connected to the business blend (7) changes in applicable guidelines or laws and (8) the probability that Paysafe could be adversely afflicted by other economic, business, and/or competitive factors. The foregoing listing of components is not special. Added information relating to sure of these and other possibility aspects is contained in Paysafe’s and Foley Trasimene’s most current filings with the SEC and in the Registration Assertion on Type F-4 submitted on February 25, 2021 (SEC File No. 333-251552) by Paysafe, which include the proxy assertion/prospectus filed on February 26, 2021 in relationship with the small business mix. All subsequent written and oral forward-searching statements about Foley Trasimene or Paysafe, the transactions explained herein or other issues and attributable to Foley Trasimene, Paysafe or any individual performing on their behalf are expressly capable in their entirety by the cautionary statements higher than. Viewers are cautioned not to position undue reliance on any ahead-looking statements, which discuss only as of the date produced. Each individual of Foley Trasimene and Paysafe expressly disclaims any obligations or enterprise to release publicly any updates or revisions to any ahead-wanting statements contained herein to reflect any modify in their anticipations with respect thereto or any adjust in occasions, circumstances, or situation on which any statement is centered, except as necessary by regulation.
See resource version on businesswire.com: https://www.businesswire.com/news/property/20210330006069/en/
Contacts
Paysafe Media Get in touch with
Kate Aldridge
Paysafe
[email protected]
+44 750 079 7547
Paysafe Trader Get in touch with
William Maina
ICR for Paysafe
+1 646-277-1236
[email protected]
Foley Trasimene Acquisition Corp. II Investor Speak to
Shannon Devine
Solebury Trout
+1 203-858-1945
[email protected]