A blank-check acquisition firm backed by veteran investor Bill Foley is nearing a deal to merge with Paysafe, valuing the U.S. payments company at around US$9 billion, including debt, people familiar with the matter said on Sunday.
Paysafe's merger with Foley Trasimene Acquisition Corp II will result in the London-based company listing in New York, according to the sources.Paysafe's current owners, private equity firms Blackstone Group Inc and CVC Capital Partners, will retain a significant interest in the company following the merger, the sources said. The deal could be announced by Monday, the sources added.
The sources requested anonymity ahead of an official announcement. Paysafe, Foley Trasimene Acquisition Corp II and the private equity firms did not immediately respond to requests for comment. The appeal of financial technology companies as acquisition targets has increased during the pandemic, as more people shop online and make more of their payments digitally.