Shares of Foley Trasimene Acquisition Corp. II (BFT), a special purpose acquisition company, are gaining more than 5 percent or $0.88 in Thursday's morning trade at $18.35. The shares earlier hit a new 52-week high of $18.65 despite no company-centric news.
In early December, Foley Trasimene and Paysafe Group Holdings Limited, an integrated payments platform, said they have entered into a definitive agreement and plan of merger. The transaction reflects an implied pro-forma enterprise value for Paysafe of about $9 billion.
The transaction is expected to close in the first half of 2021. Upon closing of the transaction, the newly combined company will operate as Paysafe and plans to list on the New York Stock Exchange under the symbol "PSFE".
Foley Trasimene Acquisition has traded in a range of $9.60 to $18.65 in the past 52 weeks.
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