Paysafe Group Announces Merger – To Enter Legal US Markets
One of the world’s largest online gambling payment processors is about to be listed on the New York Stock Exchange. On Monday, Paysafe Group Holdings revealed that they are merging with Foley Trasimene Acquisition Corp II. The $9 billion deal will allow the new company to be listed on the New York Stock Exchange.
Furthermore, PaySafe will now expand into the US market and should soon start becoming a viable deposit option for real money online casinos and sportsbooks in US states where online gambling is legal.
PaySafe Announces Merger With Foley Trasimene
On Monday, Paysafe Group Holdings announced a merger with Foley Trasimene Acquisition Corp II. The resulting merger will form a new company called Paysafe Limited. After the merger, the company will be listed on the New York Stock Exchange under ticker PSFE. Upon closing of the deal, the pro-forma value of the company will be around $9 billion.
According to Paysafe CEO Philip McHugh, “Today’s announcement begins an exciting new chapter in our company’s history and we’re excited about the partnership with Foley Trasimene, Blackstone and CVC. Today, more than ever, businesses and consumers need to connect and seamlessly transact via digital commerce. This is what Paysafe does best through our industry-leading payment processing, digital wallet, and online cash solutions. This transaction will allow us to accelerate our growth opportunities across the business, particularly in fast growth sectors such as iGaming where we are the payments partner of choice.”
Paysafe to Expand Further into Legal US Sports Betting and Gambling Markets
Paysafe is the parent company for several online gambling processing companies. They own Skrill, Neteller, Income Access, and the Paysafecard. After the merger, the company plans to continue its expansion into the legal US online gambling market.
Back in July, the company acquired Openbucks, a US-based gambling processing company. Openbucks allows players to make an online casino deposit using gift cards. According to Paysafe, Openbucks is “particularly popular amongst online gaming and eSports operators.
Stuart C. Harvey, Jr, the current Chairman of the Board of Directors at Paysafe, commented on the deal, stating, “Paysafe’s blend of scale, vertical expertise, and broad suite of payment capabilities makes it incredibly well-positioned to continue its strong growth trajectory. In addition, this transaction provides Paysafe with even greater opportunity to strategically expand its innovative payment solutions, execute accretive M&A, and accelerate its growth initiatives. We look forward to seeing Paysafe’s continued success and growth as a public company. “
After the merger, Bill Foley will become the new Chairman of the Board. Philip McHugh will continue as the CEO of the new company. Paysafe will continue to look for opportunities in the US market. After the company officially goes public, expect online casinos in New Jersey and other states to start offering several of the company’s products.
Paysafe Products a Viable Alternative for Online Gambling Deposits
If you are not familiar with some of Paysafe’s products, just check out our reviews of the products. Skrill and Neteller are the two most popular payment processing companies owned by Paysafe. They both serve as e-Wallets that allow people to make purchases online. Both companies have been staples of online casinos in Europe and Canada for years.
The Paysafecard is a prepaid card that is also popular overseas. You can fund the card like you would a prepaid credit card or debit card. The card may then be used to make online transactions. Since the card works like cash, they are not subject to banking regulations like you see with credit cards.
What this means is that players at legal online gambling sites in the US will have more options for funding their accounts. The merger is still subject to a shareholder vote at Foley Trasimene and is expected to be completed sometime during Q1 of 2021.