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Foley Trasimene Acquisition Corp II (BFT) was a Special Purpose Acquisition Company (SPAC) that traded on the New York Stock Exchange. The company completed a merger with Paysafe Group Holdings Limited and no longer operates under the BFT ticker. Investors tracking this symbol should note that the combined entity now trades as Paysafe Limited under the ticker symbol PSFE on the NYSE.

SPAC Structure and Purpose

Foley Trasimene Acquisition Corp II functioned as a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. SPACs raise capital through initial public offerings with the specific intent of acquiring an operating company within a defined timeframe. This structure allows private companies to access public markets through a merger rather than a traditional initial public offering process.

The SPAC model involves raising funds from public investors and holding those proceeds in a trust account while management searches for an acquisition target. Shareholders typically receive both common shares and warrants, which provide the right to purchase additional shares at a predetermined price. This financial instrument design aims to align investor interests with the SPAC sponsors who identify and negotiate the business combination.

Merger with Paysafe

Foley Trasimene Acquisition Corp II completed its business combination with Paysafe Group Holdings Limited, a global payments platform specializing in digital commerce and iGaming solutions. The merger transaction resulted in Paysafe becoming a publicly traded company on the New York Stock Exchange. Following the completion of this business combination, the BFT ticker ceased trading and was replaced by the PSFE symbol for Paysafe Limited common shares.

The business combination followed the standard SPAC merger process, requiring shareholder approval and regulatory clearance. Shareholders of the SPAC had the opportunity to vote on the proposed transaction and could elect redemption rights if they chose not to participate in the combined entity. The merger structure provided Paysafe with access to public capital markets and a public company framework for future growth initiatives.

Understanding SPAC Transactions

SPAC transactions represent an alternative path to public markets for private companies. Unlike traditional initial public offerings where a private company directly lists its shares, SPAC mergers involve a reverse merger process where the private operating company merges with the publicly traded shell company. This approach can offer advantages including faster execution timelines, greater pricing certainty, and the ability to make forward-looking statements during the marketing process.

The SPAC structure gained significant popularity in financial markets as an acquisition vehicle across various industries including technology, financial services, healthcare, and consumer products. Sponsors of SPACs typically consist of experienced executives, private equity professionals, or industry specialists who leverage their expertise and networks to identify attractive merger candidates. These sponsors generally receive founder shares representing an equity stake in the combined entity as compensation for their role in forming the SPAC and executing the business combination.

Post-Merger Entity

Following the merger completion, Paysafe operates as an independent publicly traded company under ticker symbol PSFE. The payments platform serves merchants and consumers in digital commerce, processing transactions across multiple payment methods and geographic markets. The company focuses on integrated payment solutions, digital wallets, and online cash-based payment alternatives for sectors including iGaming, digital commerce, and retail markets.

Investors seeking information about the business that Foley Trasimene Acquisition Corp II acquired should reference Paysafe Limited (PSFE) for current company information, financial performance, and stock trading data. The SPAC merger structure means that BFT shareholders received shares in the combined entity based on the exchange ratio established in the merger agreement. Historical information about Foley Trasimene Acquisition Corp II remains relevant for understanding the SPAC formation, initial public offering, and the process leading to the business combination.

SPAC Market Context

Special Purpose Acquisition Companies represent a segment of the broader capital markets ecosystem. These vehicles raise funds without an identified acquisition target, relying on management expertise to source and execute business combinations within a specified timeframe (commonly two years from the initial public offering). The trust account structure protects investor capital by requiring shareholder approval for proposed mergers and providing redemption rights.

The regulatory framework governing SPACs includes securities law requirements for both the initial public offering and the subsequent business combination transaction. SPAC structures must comply with stock exchange listing standards, Securities and Exchange Commission filing obligations, and disclosure requirements throughout the lifecycle from formation through merger completion. These regulatory safeguards aim to protect investors while facilitating efficient capital formation for growing businesses seeking access to public markets.