Trebia Acquisition, the third blank check company formed by financial services veteran Bill Foley, raised $450 million by offering 45 million units, 7.5 million more than anticipated, at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At pricing, Trebia Acquisition commands a market cap of $544 million.
The company was co-founded by Director 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 Director 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. President Paul Danola is a Partner at Bridgeport Partners and the former CEO of Threshold Consulting. 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 at the end of May. His first SPAC, CF Corporation, acquired Fidelity & Guaranty Life in May 2017 to form FGL Holdings (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 plans to list on the NYSE under the symbol TREB.U. Credit Suisse and BofA Securities acted as lead managers on the deal.
