May 29, 2020 / 7:21 PM / a month ago

Payments industry veteran Martire to seek $375 million for investment vehicle: source

NEW YORK (Reuters) - Former Fidelity National Information Services (FIS.N) Chief Executive Frank Martire is preparing to seek around $375 million in a U.S. initial public offering for a new acquisition company, a person familiar with the matter said on Friday.

Martire is leading the special purpose acquisition company (SPAC) alongside insurance industry veteran William Foley, the source said, requesting anonymity to discuss the deal.

It will be the latest SPAC listing, which has emerged in recent weeks as the most active corner of the U.S. IPO market as market volatility has delayed listings by other companies.

A SPAC raises a blind pool of funds in an IPO to acquire a company. Martire’s SPAC will target deals in the financial technology sector, the source said.

In addition to the $375 million IPO, the new SPAC has also entered into a forward purchase agreement with Cannae Holdings (CNNE.N), an investment firm where Foley is chairman and Martire is a board director, for it to contribute $75 million to fund the investment the new SPAC makes, the source added.

Cannae and NCR Corp (NCR.N), where Martire is executive chairman, did not immediately respond to requests for comment.

Foley last week raised $900 million for Foley Trasimene Acquisition Corp WPF_u.N, which was one of the largest SPACs ever raised.

Martire’s SPAC will be named after the battle of Tribea, which like Trasimene and Cannae, were major battles in the Second Punic War between Carthage and Rome.

Reporting by Joshua Franklin in New York; Editing by Tom Brown

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