Following its merger with SPAC vehicle Foley Trasimene Acquisition II Corp, Paysafe Group enters a “new era” as the automated payment processing company floats on the New York Stock Exchange (NYSE).
Last December, Foley Trasimene, led by US financial services magnet William Foley II, made the initial approach to take Paysafe public, aiming for a $9 billion valuation.
Paysafe owners agreed to the Foley Trasimene SPAC solution in March, with the company’s majority shareholders, Blackstone and CVC Shares, deciding to float the asset on the NYSE on March 31.
Plan for accelerated and profitable growth
William Foley, II, Founder and Chairman of Foley Trasimene and Chairman of Paysafe, commented: ““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.”
Paysafe’s emphasis has shifted since the pandemic, with digital wallets like Skrill and Neteller, as well as online cash solutions like Paysafecard and Paysafecash, becoming more important as customer preferences have changed.
Leading payment technology
Following the repeal of PASPA, Foley Trasimene has reported that PaySafe will continue to control US payment services for wagering and entertainment incumbents, bolstering the company’s status as the leading payment technology for the global igaming industry.
Paysafe’s CEO, Philip McHugh, added: “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.”