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Foley-backed SPAC nears $7.three billion take care of Blackstone’s Alight: sources By Reuters

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© Reuters. The ticker and trading information for the Blackstone Group is displayed where it is traded on the floor of the New York Stock Exchange

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By David French

(Reuters) – A blank check acquisition firm, backed by veteran investor Bill Foley, is about to sign an agreement to sell Alight Solutions LLC, the U.S. services provider of buyout company Blackstone Group (NYSE 🙂 Inc, valued at Going public with $ 7.3 billion including debt, those familiar with the matter said on Sunday.

The deal shows how Alight has become an attractive investment destination during the COVID-19 pandemic, benefiting from the outsourcing of human resource functions by many companies seeking cost savings to maintain capital.

The transaction provides for Alight to merge with the Special Purpose Acquisition Company (SPAC) Foley Trasimene Acquisition Corp. It could be announced as early as Monday, the sources said, who requested anonymity as the negotiations are confidential.

Blackstone declined to comment, while Alight and Foley Trasimene did not respond to requests for comment.

Buyout companies have traditionally paid off their investments by selling companies directly or by listing them on the stock exchange. The potential business for Alight highlights how Blackstone sees SPACs as a viable alternative.

Based in Lincolnshire, Illinois, Alight provides cloud-based benefits and employee benefits management to companies including 70% of the Fortune 100 that serve 188 countries, according to its website.

It was acquired by Blackstone in 2017 from insurance broker Aon (NYSE 🙂 Plc valued at up to $ 4.8 billion.

Blackstone tracked Alight’s $ 800 million initial public offering two years ago, but abandoned efforts fears it would not achieve the desired terms.

Foley Trasimene raised $ 900 million in an IPO last May to join forces with a private company. As with all SPACs, investors were not given advance notice of what the company would look like.

The deal will be the second Blackstone and a Foley SPAC have been involved in in the past few weeks. The private equity firm and its peer CVC Capital Partners announced last month that they would be merging Paysafe Group with Foley Trasimene Acquisition Corp II in a transaction valued at $ 9 billion in the payment processor.

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