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Foley Trasimene Acquisition Corp. II and Paysafe Announce Merger

Niji Narayan

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Foley Trasimene Acquisition Corp. II and Paysafe Announce Merger
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Foley Trasimene Acquisition Corp. II, a special purpose acquisition company, and Paysafe Group Holdings have entered into a definitive agreement and plan of merger.

Upon closing of the transaction, the newly combined company will operate as Paysafe and plans to list on the New York Stock Exchange (NYSE) under the symbol PSFE. The transaction reflects an implied pro-forma enterprise value for Paysafe of approximately $9 billion.

William P. Foley, II, Founder and Chairman of Foley Trasimene, stated, “Upon the formation and initial listing of Foley Trasimene, our team initiated a diligent and thorough search process to source an appropriate partner, with the goal to announce a partnership prior to year end. Thanks to the hard work of our team, we have reached this milestone with Paysafe as our ideal partner. Philip and the entire management team have positioned Paysafe to be a leading global payments platform. We believe we can further enhance Paysafe’s growth trajectory through accelerated operational transformation and M&A, enabled by our de-levered balance sheet. Paysafe delivers a unique value proposition in large and high-growth markets, such as gaming and e-commerce, enabling the company to generate strong organic revenue growth and margin expansion. With a proven strategy and an experienced management team and our newly formed partnership, we believe Paysafe has significant long-term growth potential.”

Philip McHugh, CEO of Paysafe, stated, “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.”

Martin Brand, a Senior Managing Director at Blackstone, said, “Paysafe has built a leading global e-commerce payment platform under Philip’s leadership. This investment, the largest ever common stock PIPE raised by a special-purpose acquisition company, de-levers the company and positions Paysafe for organic and inorganic future growth. Bill Foley has an exceptional track record of value creation in financial technology and will drive outstanding shareholder returns.”

Peter Rutland, a Managing Partner at CVC, said, “Under Blackstone’s and CVC’s ownership the management team have transformed Paysafe into a leading global payments provider by investing in its technology, products and customer proposition. We are looking forward to remaining significant shareholders alongside Foley Trasimene for the next stage of Paysafe’s growth.”

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Industry News

888 Establishes New ESG Board Committee

Niji Narayan

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888 Establishes New ESG Board Committee
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888 Holdings has established a new Environment, Social and Governance (ESG) Committee of the Board, effective immediately.

The Committee will be chaired by Non-executive Chairman Jon Mendelsohn. Senior Independent Director Anne de Kerckhove and Non-executive Director Mark Summerfield will also be members of the Committee.

The Committee will provide Board-level oversight of 888’s ESG strategy, targets and progress against key performance indicators.

“As a Board, we are committed to ensuring that issues such as safer gambling, the climate change agenda, diversity and inclusion, and community engagement are consistently incorporated into the Group’s strategy and decision making. The creation of this Committee demonstrates 888’s firm commitment to continuous ESG improvements and ensuring sustainable and ethical best practice across the Group’s activities,” Jon Mendelsohn, Chairman of 888 and Chairman of the ESG Committee, said.

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Pronet Gaming Shortlisted for “Retail Supplier of the Year” at Global Gaming Awards 2021

Niji Narayan

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Pronet Gaming Shortlisted for “Retail Supplier of the Year” at Global Gaming Awards 2021
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Pronet Gaming has been shortlisted in the “Retail Supplier of the Year” category at the Global Gaming Awards London 2021.

“Our fully-managed omni-channel solution, built to empower land-based estates and connects seamlessly to any online operation or POS hardware, had a string of major successes in multiple jurisdictions over the past year and we’re honoured to have our hard work recognised,” Bobby Longhurst, CCO of Pronet Gaming, said.

“Taking place in June 2021, Pronet Gaming looking forward to the results show and hopefully bringing home the award in a hotly contested area. I would also like to congratulate all of the other nominees across all of the categories,” Bobby Longhurst, added.

Pronet Gaming offers a next-generation platform that delivers the gaming experience of the future. Armed with market-specific online sportsbook, casino and retail solutions, it combines a technology-led approach with vast industry know-how to provide clients with a rapid and reliable service tailored to their needs.

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FinXP Partners with CashtoCode

Niji Narayan

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FinXP Partners with CashtoCode
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FinXP has announced a new strategic partnership with CashtoCode, the instant cash payment service for online merchants.

The collaboration allows FinXP merchants to efficiently embrace CashtoCode as a new payment option and start accepting cash payments for online goods and services from more than 150,000 physical locations worldwide.

“The payments industry is very crowded and it is filled with me-too products that end up competing on price. At FinXP, we are applying our long experience in the industry to identify previously unseen opportunities that allow us to add value in new ways. Innovation is key, and therefore we are proud to work alongside CashtoCode who share a philosophy similar to ours,” Jens Podewski, CEO of FinXP, said.

“We’ve seen a surge in demand for cash payments for online goods, and there is a community of people who will always prefer to pay by cash wherever and whenever possible. FinXP is a fantastic platform and the benefits of this partnership will be felt in many places. It offers us a great new route to market and broadens FinXP’s payment options even more. It will help hundreds of merchants to start accepting cash payments ASAP and give customers who prefer cash an alternative and secure way to pay for their favourite digital products and services,” Jens Bader, CEO of CashtoCode, said.

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