Bill Foley Takes SPACs Seriously, Continues to See Success

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May. 19 2021, Published 1:18 p.m. ET

As former Fidelity National CEO and owner of the Vegas Golden Knights, Bill Foley might be well into his retirement years, but he doesn't seem to be slowing down in the deal-making department. His list of SPACs continues to grow.

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How many SPACs does Foley have under his belt, and what should investors know about them?  

Bill Foley's latest SPACs

Austerlitz Acquisition Corp. I (NYSE:AUS) filed with the SEC in February with a planned IPO worth half a billion dollars. Initially, the SPAC targeted companies in the financial, information technology, and business services sectors. However, Austerlitz ended up stepping outside of that box and going for something much different. 

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Now, Austerlitz is merging with Wynn Interactive's online sports betting arm, WynnBet.

There's also Austerlitz Acquisition Corp. II (NYSE:ASZ), which is striving for an IPO worth a full $1.2 billion—a 20 percent increase from the initial $1 billion goal. Austerlitz II doesn't have a defined target yet, although there's still plenty of time. 

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SPACs have two years from the date of formation to finalize their merger or else the stock liquidates. Once the mergers are finalized, the SPAC's ticker changes and the stock reflects the merged company

How many SPACs are in Bill Foley's portfolio?

Many modern-day SPACs are rooted in startups or niche companies, but Foley focuses on something different. He usually targets companies that have proven themselves financially and historically. For example, WynnBet started two decades ago in 2001.

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Foley also focuses on companies that he views as undervalued based on their fiscal reports. Much like Warren Buffett, Foley considers himself to be a value investor through and through.

There isn't a hard-and-fast list of Foley's SPAC successes, but we do know that Foley Trasimene Acquisition Corp. II recently took Paysafe Group Holdings (NYSE:PSFE) public in a deal collectively worth $9 billion. Half a year after its inception, the stock's lifetime value gain is at 20.8 percent. 

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Bill Foley is stepping down from certain SPACs

Recently, Foley left his positions as the lead of two SPACs, Foley Trasimene Acquisition Corp. I and Austerlitz Acquisition Corp. I. This information came to light following regulatory filings that both blank-check firms released last month.

Foley reported that, while he quit his official position as chairman at the firms, he will continue to advise them on business maneuvers. As Foley Trasimene merges with Alight Solutions (an outlier since Alight was founded in 2017) and Austerlitz Acquisition Corp I merges with WynnBet, Foley stands to profit due to his namesake stake.

Foley's Paysafe SPAC is the seventh-largest SPAC deal based on total enterprise value ever. It trails behind companies like Lucid Motors and eToro. His Alight Solutions SPAC inhabits the 11th spot. Clearly, Foley's personal SPAC boom is making the grade in the overall marketplace. As Foley realigns his positions within his various business assets, it will be interesting to see what he takes on next. 

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