Foley Trasimene is all bullish following the merger deal with Paysafe. The closing of the merger transaction is expected in Q1 2021.
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Foley Trasimene Acquisition Corp. II (BFT) stock traded at its 52-week high on Monday after the company along with Paysafe Group Holdings Ltd., announced the plan of merger.
BFT stock rallied from the prior close of $10.62 to $12.66 ranking the shares price to the 52-week high. The stock closed at $11.95 up by almost 13%.
The Paysafe SPAC merger strongly attracted investors as the heavy volume kept on coming till the close of trading on Monday. BFT ended the session with over 80 million of trading volume, a massive boom compared to the average volume of 2.7 million.
As we write this at 6:05 A.M EST before hours, BFT was rising by nearly 15% trading around $13.64.
Since the COVID-19 pandemic has hit the stock market, the financial technology companies are leveraged towards acquisition.
Foley Trasimene and Paysafe have entered into a definitive merger agreement. The newly merged enterprise will be listed on the NYSE under the ticker PSFE, operating as Paysafe. Upon the closing of the transaction, Paysafe, the newly merged company will have an implied Pro-forma worth more than $9 billion, including debt.
Paysafe is one of the leading integrated payments networks that consists of a two-sided consumer and merchant ecosystem. The payment platform focuses on enabling enterprises and consumers to make transactions via digital wallets, online cash solutions, and other payment methods.
After the merger of Foley Trasimene into Paysafe, the new combined company will become a publicly traded firm as Paysafe Ltd. The founder and Chairman of Foley Trasimene, Bill Foley will continue as the Chairman of BoDs, and Paysafe’s CEO, Philip McHugh will continue to lead the newly merged company.
The partnership between both firms will speed up growth progress, improve margins, and continue to boost in accordance with the M&A strategy.
Upon the merger agreement, Foley Trasimene will fund a cash component of approximately $150 million in proceeds from the forward purchase agreement with Cannae Holdings. In addition, the company will also place a private placement of $2 million from its institutional and private investors.
The private placement of $2 million will also include a $500 million investment from four insurance companies and a $350 million investment from other institutional investors.
The closing of the merger transaction is based on the approval of Foley Trasimene’s stockholders and other customary closing conditions. The registration statement will be filed with the SEC, linked with the transaction. As of now, the transaction completion is anticipated in the first quarter of 2021.