Benzinga | Dec 7, 2020 07:19AM EST

Cannae Holdings Invests $500M in the Foley Trasimene and Paysafe Merger

Cannae Holdings, Inc. (NYSE:CNNE) ("Cannae" or the "Company") today announced that the Company, in conjunction with the announced Foley Trasimene Acquisition Corp. II (NYSE:BFT, BFT WS))))) ("Foley Trasimene") and Paysafe Group Holdings Limited ("Paysafe") definitive merger, invested $350 million as part of a private placement. This investment is in addition to Cannae's forward purchase agreement of $150 million, both of which will occur concurrently with the closing of the Foley Trasimene and Paysafe business combination, expected to close in the first half of 2021. The transaction reflects an implied pro-forma enterprise value for Paysafe of approximately $9.0 billion.

For the Company's total investment of approximately $500 million in the Foley Trasimene and Paysafe merger, Cannae will receive 54,294,395 million Paysafe common shares and 8,134,067 million Paysafe warrants. Excluding any value from the warrants, Cannae's implied cost per share is $9.11.