Paysafe names post-merger board of directors

Payment processor Paysafe has named a new board of directors who will assume their roles following the closing of its business combination with New York-listed special purpose acquisition company Foley Trasimene Acquisition Corp II.

The post-merger board will be comprised of 11 directors led by chairman Bill Foley, founder and chairman of Foley Trasimene Acquisition Corp II.

He will be joined on the board by Anthony Jabbour, who concurrently serves as CEO of Dun & Bradstreet and Black Knight; Dagmar Kollman, former CEO of Morgan Stanley Bank in Frankfurt; Jonathan Murphy, managing director of Blackstone’s private equity group; James Murren, former chairman and CEO of MGM Resorts; and Hilary Stewart-Jones, a former partner at law firms BLP and DLA UK and former Playtech board member.

In addition, five existing Paysafe board members will retain their board positions post-merger - Paysafe CEO Philip McHugh, CVC managing director Matthew Bryant, director Walter Macnee, Blackstone senior managing director Eli Nagler, and CVC managing director Peter Rutland.

“I am very excited to work with the strong slate of directors upon merger completion,” said Foley. “Over the course of the last few months I have come to know Philip and the Paysafe team very well and am looking forward to continuing the journey, enhancing Paysafe’s growth trajectory through accelerated operational transformation and M&A.”

McHugh added: “We have assembled a best-in-class board of directors comprised of proven, high-caliber leaders with extremely relevant but diverse perspectives. The collective strategic guidance and diversity they bring to the table, combined with the deep domain expertise we already possess in specialized payments, will serve us well as we accelerate our global growth strategy as a newly public company.”

A special meeting of Foley Trasimene stockholders has been scheduled for 25 March, with the transaction expected to close shortly thereafter, subject to customary closing conditions. 

Upon closing, the newly combined company will operate as Paysafe and trade on the New York Stock Exchange (NYSE) under the symbol PSFE.

Shares in Foley Trasimene Acquisition Corp II (NSQ:BFT) closed 0.69 per cent lower at $15.89 per share in New York Thursday.