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(Reuters) - A blank-check firm backed by prominent investor Bill Foley has agreed to take Alight Solutions LLC, the U.S. benefits services provider owned by buyout firm Blackstone Group, public in a deal valued at $7.3 billion, the companies said on Monday.
FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid
Reuters was first to report on Sunday that special purpose acquisition company (SPAC) Foley Trasimene Acquisition Corp was nearing a deal with Alight.
Foley’s SPAC in $7.3B Deal to Take Blackstone’s Benefits Firm Alight Public By Anirban Sen | January 25, 2021
A blank-check firm backed by prominent investor Bill Foley has agreed to take Alight Solutions LLC, the U.S. benefits services provider owned by buyout firm Blackstone Group, public in a deal valued at $7.3 billion, the companies said on Monday.
Reuters was first to report on Sunday that Foley Trasimene Acquisition Corp was nearing a deal to take Alight public.
The deal includes an investment of $1.55 billion from a number of investors, including a $250 million investment from Cannae Holdings Inc, and a $150 million investment from Fidelity National Title Insurance Co., Chicago Title Insurance Co. and Commonwealth Land Title Insurance Co.
BENGALURU/NEW YORK (Jan 25): A blank-check firm backed by prominent investor Bill Foley has agreed to take Alight Solutions LLC, the US benefits services provider owned by buyout firm Blackstone Group, public in a deal valued at US$7.3 billion, the companies said on Monday.
Reuters was first to report on Sunday that special purpose acquisition company (SPAC) Foley Trasimene Acquisition Corp was nearing a deal with Alight.
Funding for the deal includes a so-called private investment in public equity (PIPE) of US$1.55 billion. Alight s existing owners will retain a stake once it is listed on the New York Stock Exchange under the symbol ALIT .
UPDATE 2-Foley-backed SPAC agrees to $7.3 bln deal with Blackstone s Alight Reuters 1/25/2021
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By Anirban Sen and David French
Jan 25 (Reuters) - A blank-check firm backed by prominent investor Bill Foley has agreed to take Alight Solutions LLC, the U.S. benefits services provider owned by buyout firm Blackstone Group, public in a deal valued at $7.3 billion, the companies said on Monday.
Reuters was first to report on Sunday that special purpose acquisition company (SPAC) Foley Trasimene Acquisition Corp was nearing a deal with Alight.
Funding for the deal includes a so-called private investment in public equity (PIPE) of $1.55 billion. Alight s existing owners will retain a stake once it is listed on the New York Stock Exchange under the symbol ALIT .
Sovereign Funds Find Hopeful Exit in Alight SPAC Deal
Posted on 01/25/2021
Alight Solutions is a cloud-based provider of integrated digital human capital and business solutions. SPAC Foley Trasimene Acquisition Corp. (ticker: NYSE: WPF, WPF WS) announced that they have entered into a definitive business combination agreement with Alight. Upon closing of the transaction, the combined company will operate as Alight, Inc. and plans to list under the symbol ALIT. The transaction reflects an implied pro-forma enterprise value for Alight of approximately US$ 7.3 billion.
The Board will be comprised of eight directors, including three directors appointed by Foley Trasimene, three directors appointed by Blackstone, Alight CEO Stephan Scholl and one additional independent director. A majority of the directors will be independent, consistent with the applicable listing rules.