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From Blackstone Group Inc. Alight Solutions is on the verge of entering into a public deal via a merger with a special blank check acquiring company backed by investor Bill Foley, according to a person familiar with the matter.
The agreement by Foley Trasimene Acquisition Corp would value Alight, a benefits administration firm, at $ 7.3 billion, including debt, said the person, who asked not to be identified because the information was private. The transaction could be announced as early as Monday.
Based in Lincolnshire, Ill., Alight provides human resources support services such as payroll, benefits and employee communications for large companies in 188 countries, according to its website. The company was a division of Aon Plc until Blackstone bought it in 2017 in a deal valued at $ 4.8 billion. Since then, Alight has acquired several other human resources and technology companies.
In 2019, Blackstone postponed plans for Alight to raise up to $ 800 million in an initial public offering just ahead of the final price due to market conditions, people familiar with the matter then told Bloomberg News.
Blackstone, Alight and Foley Trasimene declined to comment on the deal negotiations. Reuters reported the news earlier.
Foley, 76, is a seasoned investor who has helped found and run companies including Fidelity National Financial Inc., America’s largest title insurance company. The deal follows his other involvement with Blackstone. In December, another blank check company entered into a $ 9 billion deal to go public with Paysafe Group Ltd., the online payment company backed by Blackstone and CVC Capital Partners.
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