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Stock Alert: Foley Trasimene Acquisition Hits New 52-week High

Shares of Foley Trasimene Acquisition Corp. II (BFT), a special purpose acquisition company, are rising more than 12 percent or $1.44 in Tuesday's morning trade at $13.39, after touching a new 52-week high of $13.73.

Monday, Foley Trasimene Acquisition Corp. II 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 approximately $9 billion.

The transaction is expected to close in the first half of 2021. Upon closing, the newly combined company will operate as Paysafe and plans to list on the New York Stock Exchange or NYSE under the symbol "PSFE".

Foley Trasimene Acquisition has traded in a range of $9.60 to $13.73 in the past 52 weeks.

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