Nov 6 (Reuters) - A blank-check company set up by veteran
investor Bill Foley is in talks to merge with online payments
firm Paysafe Group Ltd, which is backed by Blackstone Group Inc
and CVC Capital Partners, Bloomberg News reported https://bloom.bg/36co0bb
The report, citing people with knowledge of the matter, said
Foley Trasimene Acquisition Corp II has begun talks with
investors to raise more than $1 billion in new equity to support
the merger, which would create a company valued at more than $10
The special purpose acquisition company (SPAC) had raised
$1.47 billion in an initial public offering in August, with
private companies and startups increasingly taking the SPAC
route to go public to avoid the risks of a lengthy IPO process.
A SPAC is a shell company that uses IPO proceeds to buy
another company, typically within two years, in a merger that
will take the acquired company public. Investors are not
notified in advance on what company the SPAC will buy.
Bloomberg reported earlier on Friday that Paysafe had
restarted talks with advisers for a U.S. public listing that
could take place next year.
(Reporting by Madhvi Pokhriyal in Bengaluru; Editing by Maju