SPAC Foley Trasimene Acquisition to merge with Paysafe in deal with enterprise value of about $9 billion

Foley Trasimene Acquisition Corp. II
BFT,
+1.24%,
a special purpose acquisition corporation, or SPAC, said Monday it has agreed to merge with Paysafe Group Holdings Ltd, a payments platform, in a deal with a pro-forma enterprise value of about $9 billion. SPACs are companies that go public without having a business, and then acquire one or more. Once the deal has closed, the new company will be renamed Paysafe and list on the New York Stock Exchange under the ticker “PSFE.” Paysafe operates a consumer and merchant payment network, enabling businesses and consumers to transact through payment processing, digital wallet and online cash systems. The company has processed nearly $100 million of payment volume, Foley said in a statement. The deal is expected to close in the first half of 2021. Foley shares rose 12% premarket on the news.