Foley Trasimene Acquisition Corp. II, a special purpose acquisition company, and Paysafe Group Holdings Ltd., a leading integrated payments platform, announced a plan to merge, according to a press release.

After the finalization of the merge, the newly combined company will operate as Paysafe. The transaction indicates a preliminary enterprise value for Paysafe of approximately $9 billion.

Paysafe is an integrated payments platform, with a two-sided consumer and merchant network, and enables businesses and consumers to connect and transact seamlessly globally through payment processing, digital wallet, and online cash solutions.

"Upon the formation and initial listing of Foley Trasimene, our team initiated a diligent and thorough search process to source an appropriate partner, with the goal to announce a partnership prior to year end. Thanks to the hard work of our team, we have reached this milestone with Paysafe as our ideal partner. Paysafe delivers a unique value proposition in large and high-growth markets, such as gaming and e-commerce, enabling the company to generate strong organic revenue growth and margin expansion. With a proven strategy and an experienced management team and our newly formed partnership, we believe Paysafe has significant long-term growth potential," William P. Foley, II, founder and Chairman of Foley Trasimene, said in the release.