Benzinga | Jun 29, 2021 09:52AM EDT

Marketing firm System1 Eyes Public Listing Via SPAC Merger With Foley-Backed Trebia: Bloomberg

* System1 marketing firm has agreed to go public via special purpose acquisition company (SPAC) merger with Bill Foley backed Trebia Acquisition Corp (NYSE:TREB), valuing the combined company at an enterprise value of $1.4 billion, Bloomberg reported.

* The transaction will provide about $175 million to fund the new company's growth and acquisitions.

* The transaction includes up to $600 million in the financing, consisting of a $200 million equity backstop from Foley's Cannae Holdings Inc (NYSE:CNNE) and debt.

* Simultaneously, System1 is combining with Protected.net, which develops security and privacy subscription products.

* System1 co-founder, CEO, and Chairman Michael Blend will continue in his current roles, with Foley and Trebia Chairman Frank Martire joining the company's board.

* California's System1 is an omnichannel customer acquisition platform. The company's brands include Startpage, info.com, and MapQuest.

* Trebia raised $517.5 million, including so-called greenshoe shares, in an initial public offering in June 2020. The largest of Foley's SPACs, Foley Trasimene Acquisition Corp (NYSE:WPF), raised $1.47 billion in August.