Spacs may fuel European IPO boom
Investors are locked in meetings with European growth companies that may go public in 2021, with Spacs now making it easier to list and raise substantial capital.
On Monday, Paysafe, the London-headquartered global payments business that processes close to $100 billion a year for merchants and consumers through digital wallets and online cash solutions, announced that it is reversing into Foley Trasimene Acquisition Corp, the New York-listed special purpose acquisition company (Spac) sponsored by William P Foley.
Paysafe, which was taken private from the London Stock Exchange at the end of 2017 by Blackstone and CVC Capital, will thus re-emerge as a public company on the New York Stock Exchange (NYSE) through a pre-packaged listing.
Blackstone and CVC will remain its largest shareholders. The transaction also sees it raise $2 billion though a private placement to institutional investors led by Fidelity National Title Insurance Co. This is one of the largest private investment in public equity (Pipe) transactions ever announced by a Spac.
The deal implies a pro forma enterprise value for Paysafe of $9 billion and as