Marketing firm System1 Eyes Public Listing Via SPAC Merger With Foley-Backed Trebia: Bloomberg

System1 marketing firm has agreed to go public via special purpose acquisition company (SPAC) merger with Bill Foley backed Trebia Acquisition Corp TREB, valuing the combined company at an enterprise value of $1.4 billion, Bloomberg reported.
The transaction will provide about $175 million to fund the new company’s growth and acquisitions.
The transaction includes up to $600 million in the financing, consisting of a $200 million equity backstop from Foley’s Cannae Holdings Inc CNNE and debt.
Simultaneously, System1 is combining with Protected.net, which develops security and privacy subscription products.
System1 co-founder, CEO, and Chairman Michael Blend will continue in his current roles, with Foley and Trebia Chairman Frank Martire joining the company’s board.
California’s System1 is an omnichannel customer acquisition platform. The company’s brands include Startpage, info.com, and MapQuest.
Trebia raised $517.5 million, including so-called greenshoe shares, in an initial public offering in June 2020. The largest of Foley’s SPACs, Foley Trasimene Acquisition Corp WPF, raised $1.47 billion in August.