Bill Foley's SPAC Foley Trasimene Acquisition prices upsized $900 million IPO at $10

Foley Trasimene Acquisition, the second blank check company formed by financial services veteran Bill Foley, raised $900 million by offering 90 million units at $10, making it the second largest SPAC of 2020 and tying for the second largest SPAC of all time. The company originally planned to offer 75 million units. Each unit consists of one share of common stock and one-third of a warrant exercisable at $11.50. The company also indicated it would raise an additional $300 million in a concurrent private placement to Cannae Holdings and Thomas H. Lee Partners. At pricing, Foley Trasimene Acquisition commands a $1.1 billion market cap.

Foley Trasimene Acquisition's Chairman, Bill Foley, is currently the Chairman of Fidelity National Financial (NYSE: FNF), Black Knight (NYSE: BKI), and Cannae Holdings (NYSE: CNNE), and is a Senior Managing Director of Trasimene Capital Management. CEO Richard Massey serves as the CEO of Cannae Holdings and a Senior Managing Director of Trasimene Capital Management as well. The SPAC intends to target a business in the financial technology or business process outsourcing industry.

Foley Trasimene Acquisition is Bill Foley's second SPAC. His first SPAC, CF Corporation, acquired Fidelity & Guaranty Life in May 2017 to form FG Holdings (FG). In February 2020, Fidelity National Financial (NYSE: FNF) agreed to acquire FG Holdings for $12.50 per share, valuing the company at $2.7 billion.

Foley Trasimene Acquisition plans to list on the NYSE under the symbol WPF.U. Credit Suisse and BofA Securities acted as lead managers on the deal.