Online gambling payment processor Paysafe Group Holdings, is planning to list in the US after its merger with SPAC firm Foley Trasimene Acquisition Corp II. With this, Playsafe online casinos entity will be listed on the New York Stock Exchange (NYSE).

A $9 billion merger

Trasimene Acquisition Corp II is a special purpose acquisition company (SPAC) which merged with London-based Paysafe in a $9 billion deal. Now, the payments processor can be listed on the New York Stock Exchange with the ticker symbol PSFE. The SPAC is led by investing behemoth Bill Foley, whose portfolio includes Fortune 500 insurance firm Fidelity National Financial and Vegas Golden Knights, a National Hockey League club. The SPAC raised $1.5 billion and listed on the NYSE in August.

Paysafe was taken private by equity groups CVC Capital Partners and Blackstone Group in 2017. Both private equity firms will continue to be the biggest investors in the firm after the NYSE listing. The hedge funds have reportedly tripled their original investments into Playsafe via the merger.

The growing interest in SPACs

SPACs have become very popular among operators in the US igaming space. Three of the biggest operators in the iGaming sector- Rush Street Interactive, DraftKings, and Golden Nugget were listed on US exchanges via mergers with SPACs.

Paysafe’s products are not limited to the iGaming sector. It is the parent firm of Skrill, Neteller, Income Access, and Paysafecard. It has a long history of working with gambling operators. Since the Supreme Court struck down PASPA in 2018, the firm has its eyes set on the US markets. It will be able to strengthen its presence in America via a couple of dozen states that are legalizing sports betting.

Philip McHugh will continue to be the company’s CEO. He said that Paysafe is looking to acquire some of its rival payment firms in the US. The firm has already started the process. In July, it acquired Openbucks, a US-based platform that allows online merchants to accepts retail gift cards. It recently appointed Scott McClintic, a former Penn National executive, as its senior VP iGaming Product & Strategy.