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December 11, 2020TransactionWatch

TransactionWatch – Week of December 7th – December 11th

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The prevalence of SPACs continue to play a significant role in the payments industry with the major announcement of Paysafe’s merger with Foley Transimene Acquisition Corp. II this week. After months of speculation about going public, Paysafe made the move to bypass a traditional IPO in favor of a merger with a SPAC. This has proven to be a popular route for companies this year, likely due to COVID-19’s economic impact, as it has proven to be a secure method for growth in the public market. Paysafe’s merger with Foley Transimene Acquisition Corp. II reflected a pro-forma enterprise value of approximately $9 billion. Processing nearly $100 billion in payment volume annually, Paysafe has been backed by the private equity groups Blackstone and CVC Capital Partners, who will remain as significant shareholders. As part of this transaction, Paysafe will be listed on the New York Stock Exchange under the symbol ‘PSFE’. This transaction is expected to close in the first half of 2021.

In other M&A news, daVinci Payments announced the completion of their acquisition of North Lane Technologies (formerly Wirecard North America). With the closing of this transaction, the once prosperous Wirecard brand will begin to phase out in North America as the company shifts towards a new direction.

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