Billionaire businessman Bill Foley—a prolific dealmaker who owns two professional sports teams—is facing investor litigation over claims he made a killing steering a shell company into a “horrific” blank-check merger with Paysafe Ltd., reports Bloomberg
An investor sued Foley and other architects of the transaction Thursday, claiming they were motivated to engineer the catastrophic deal by the capital structure of Foley Trasimene Acquisition II, which stood to give them a huge windfall from any merger, even a bad one.
London-based online payments company Paysafe began trading on the NYSE after merging with Foley’s SPAC nearly two years ago. The transaction valued the payments platform at around $9 billion, including debt. Read more.
