Foley SPAC Strikes $1.4 Billion Deal With Marketing Firm System1

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.

The transaction includes as much as $600 million in financing, consisting of a $200 million equity backstop from Foley’s Cannae Holdings Inc. as well as debt. Concurrent with the transaction, System1 is combining with Protected.net, which develops ...