Money Makers Mentor

Foley SPAC in Merger Talks with Paysafe

Foley SPAC is in merger talks with Blackstone’s Paysafe. The SPAC is a blank-check company that is run by investor Bill Foley. Paysafe Group is a London-based online payments firm that is backed by Blackstone Group. According to a report from Bloomberg, Foley Trasimene Acquisition has begun talks with investors to raise more than a billion dollars. This new equity would create a company with a value of more than $10 billion.

This special purpose acquisition company (SPAC) raised $1.47 billion in an initial public offering back in August. As a result, the company’s shares rose 2.9 percent to $10.08. This gave the company a value of about $1.8 billion. Previously, the stock rose as much as 13.8 percent.

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