London-based online payment company Paysafe will begin trading in the US public markets with CNBC on Monday following its merger with blank check company Foley Trasimene Acquisition II Corp, billionaire and sports manager Bill Foley.
Foley, who founded the Special Purpose Acquisition Company (SPAC), announced in December that it would target Paysafe in a deal valued at approximately $ 9 billion, including debt.
“Paysafe … is ubiquitous. It’s just everywhere in terms of the gaming world and digital wallets, e-cash solutions,” he said in a “Mad Money” interview. “We’ll go public tomorrow when we trade on the New York Stock Exchange.”
Foley is the chairman of Fidelity National Financial and the majority owner of the Vegas Golden Knights.
Paysafe, which includes brands like Income Access, Paysafecard, Skrill and Neteller, is backed by Blackstone and CVC. Companies use Paysafe products to digitally process credit card, cash and direct debit transactions. Prepaid cards and digital wallets are other offers.
Foley, whose SPAC raised $ 1.47 billion in August, said the company plans to penetrate the domestic gaming market, including brick and mortar stores, and help casinos go cashless. Paysafe’s business is mostly done internationally, he said.
The North American gaming market also offers an opportunity as the company hopes to become the “preeminent I-gaming leader” on the continent.
“I love Paysafe. It’s a really great company,” said Foley. “We’re pretty far along with a couple of different ideas that we were working on at the same time that Paysafe was released.”
The shares of Foley Trasimene Acquisition Corp. II rose 5.77% to $ 15.39 on Monday, a valuation of around $ 2.8 billion at close of trading.