Trebia Acquisition, the third blank check company formed by financial services veteran Bill Foley, filed on Monday with the SEC to raise up to $375 million in an initial public offering. The company plans to raise an additional $75 million through a forward purchase agreement with Cannae Holdings.
The New York, NY-based company plans to raise $375 million by offering 37.5 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At $10, Trebia Acquisition would command a market value of $469 million.
The company was co-founded by Directors Bill Foley, who 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; and Frank Martire, who currently serves as the Executive Chairman of software company NCR (NYSE: NCR) and a Director of Cannae Holdings, and leads investment advisory firm Bridgeport Partners. Paul Danola, a Partner at Bridgeport Partners and former CEO of Threshold Consulting, serves as President. The company plans to focus on financial services, technology, software, data, analytics, services, and related areas.
Trebia Acquisition comes hot on the heels of Foley's second SPAC, Foley Trasimene Acquisition (WPFU), which went public last week. His first SPAC, CF Corporation, acquired Fidelity & Guaranty Life in May 2017 to form FGL Holdings (NYSE: FG). In February 2020, Fidelity National Financial (NYSE: FNF) agreed to acquire FGL Holdings for $12.50 per share, valuing the company at $2.7 billion.
Trebia Acquisition was founded in 2020 and plans to list on the NYSE under the symbol TREB.U. It filed confidentially on March 23, 2020. Credit Suisse and BofA Securities are the joint bookrunners on the deal.
