Paysafe completes SPAC merger and lists on NYSE

Paysafe has finally completed its long-awaited merger with SPAC Foley Trasimene Acquisition Corp. II and will begin trading on the New York Stock Exchange from 31 March.

The combined company, Paysafe Limited, will trade under the ticker symbols PSFE and PSFE.WS following the $9bn (£6.8bn) merger.

The merger was approved at a special meeting of Foley Trasimene stockholders on 25 March, with the transaction officially closing on 30 March.

Following the completion of the merger, William Foley will assume the role of chair of the board, while current Paysafe CEO Philip McHugh will retain his position.

Earlier this month, Paysafe confirmed an all-star board of directors featuring former Playtech and MGM execs as it looks to action its major expansion plans.

Foley said: “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 capitalise 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,” he added.

McHugh commented: “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.

“We’re excited to be embarking on the next stage of our growth journey as a public company,” he concluded.