Deals
Foley-Backed SPAC Reaches Merger Deal With System1 Marketing Firm
- Transaction includes $200 million backstop from Foley’s Cannae
- System1, founded in 2013, owns brands including MapQuest
Bill Foley
Photographer: Ethan Miller/Getty Images
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Marketing firm System1 agreed to go public through a merger with a blank-check firm backed by Bill Foley, in a deal valuing the combined company at $1.4 billion including debt.
The transaction with Foley’s Trebia Acquisition Corp. will provide about $175 million to fund the new company’s growth and acquisitions, according to a statement Tuesday that confirmed an earlier Bloomberg News report.