Bill Foley's fourth SPAC Foley Trasimene Acquisition II files for a $1.2 billion IPO

Foley Trasimene Acquisition II, the fourth blank check company formed by financial services veteran Bill Foley, filed on Monday with the SEC to raise up to $1.2 billion in an initial public offering.

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The Las Vegas, NV-based company plans to raise $1.2 billion by offering 120 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $150 million at the closing of an acquisition pursuant to a forward purchase agreement with Cannae Holdings (NYSE: CNNE). At the proposed price, Foley Trasimene Acquisition II would command a market value of $1.5 billion.

The company is led by Chairman Bill Foley, who is currently the Chairman of Fidelity National Financial (NYSE: FNF), Black Knight (NYSE: BKI), and Cannae Holdings, 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.

Foley's previous SPACs include June 2020 IPO Trebia Acquisition (TREBU; +5% from IPO), May 2020 IPO Foley Trasimene Acquisition (WPF; +3%), and 2016 IPO CF Corporation, which acquired Fidelity & Guaranty Life in May 2017 to form FGL Holdings. FGL Holdings was acquired by Fidelity National Financial in June 2020 for $12.50 per share, valuing it at $2.7 billion.

Foley Trasimene Acquisition II was founded in 2020 and plans to list on the NYSE under the symbol BFT.U. Credit Suisse and BofA Securities are the joint bookrunners on the deal.