Online gambling payment processor Paysafe Group Holdings is prepping for its US public market debut following a $9b merger. 

On Monday, a ‘special purpose acquisition company’ (SPAC) called Foley Trasimene Acquisition Corp II announced that it had come to terms on a US$9b deal to merge with the with the London-based Paysafe, allowing the payments firm to list on the New York Stock Exchange under the ticker symbol PSFE. 

Foley Trasimene is led by investor Bill Foley, whose holdings include Fortune 500 insurance firm Fidelity National Financial as well as the National Hockey League club Vegas Golden Knights. The SPAC listed on the NYSE in August after raising nearly $1.5b. 

Private equity groups Blackstone Group and CVC Capital Partners, which took Paysafe private in 2017, will remain Paysafe’s biggest investors following the NYSE listing. The hedge funds will reportedly triple their original investment via the merger, not a bad return for their hefty bet.