UK fintech Paysafe is set to be acquired by Foley Trasimene Acquisition Corp, a special purpose acquisition company (SPAC).
The collaborated group will operate under the Paysafe banner and will benefit from an integrated payments platform, with a two-sided consumer and merchant network.
The SPAC acquisition has rocked the global payment sector as Foley serves as a director of Fidelity Information Services (FIS), the operating company of Paysafe competitor WorldPay.
William P. Foley, II, Founder and Chairman of Foley Trasimene, commented on the new deal, stating: “Upon the formation and initial listing of Foley Trasimene, our team initiated a diligent and thorough search process to source an appropriate partner, with the goal to announce a partnership prior to year end. Thanks to the hard work of our team, we have reached this milestone with Paysafe as our ideal partner.
“Philip and the entire management team have positioned Paysafe to be a leading global payments platform. We believe we can further enhance Paysafe’s growth trajectory through accelerated operational transformation and M&A, enabled by our de-levered balance sheet.
“Paysafe delivers a unique value proposition in large and high-growth markets, such as gaming and e-commerce, enabling the company to generate strong organic revenue growth and margin expansion. With a proven strategy and an experienced management team and our newly formed partnership, we believe Paysafe has significant long-term growth potential.”
The firm’s core ambition remains to enable businesses and consumers to connect and transact seamlessly through payment processing, digital wallet, and online cash solutions globally.
Philip McHugh, CEO of Paysafe, also outlined the benefits of the collaboration, saying: “Today’s announcement begins an exciting new chapter in our company’s history and we’re excited about the partnership with Foley Trasimene, Blackstone and CVC. Today, more than ever, businesses and consumers need to connect and seamlessly transact via digital commerce.
“This is what Paysafe does best through our industry-leading payment processing, digital wallet, and online cash solutions. This transaction will allow us to accelerate our growth opportunities across the business, particularly in fast-growth sectors such as iGaming where we are the payments partner of choice.”
Peter Rutland, a Managing Partner at CVC, said: “Under Blackstone’s and CVC’s ownership the management team have transformed Paysafe into a leading global payments provider by investing in its technology, products and customer proposition. We are looking forward to remaining significant shareholders alongside Foley Trasimene for the next stage of Paysafe’s growth.”
Stuart C. Harvey, Jr, Chairman of the fintech Paysafe Board of Directors, concluded: “Paysafe’s blend of scale, vertical expertise, and broad suite of payment capabilities makes it incredibly well-positioned to continue its strong growth trajectory. In addition, this transaction provides Paysafe with even greater opportunity to strategically expand its innovative payment solutions, execute accretive M&A, and accelerate its growth initiatives. We look forward to seeing Paysafe’s continued success and growth as a public company.”