From Blackstone Group Inc. Alight Solutions is nearing a deal to be made public through a merger with a blank check takeover company backed by investor Bill Foley, according to a person familiar with the matter.
The deal through Foley Trasimene Acquisition Corp would value Alight, a benefits company, at $ 7.3 billion including debt, said the person, who asked not to be identified because the information was private. The transaction could already be announced on Monday.
Based in Lincolnshire, Illinois, Alight provides human resources support services such as payroll, health 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 whopping $ 4.8 billion transaction. Since then, Alight has acquired several other human resources and technology companies.
In 2019 Blackstone plans for Alight to raise a whopping $ 800 million in an IPO have been delayed just before final pricing due to market conditions, people familiar with the matter then told Bloomberg News.
Blackstone, Alight and Foley Trasimene declined to comment on the deal talks. Reuters reported on the news earlier.
Foley, 76, is an experienced investor who has helped build and run businesses including Fidelity National Financial Inc., the largest US insurance company. The deal follows his other involvement with Blackstone. In December another company with blank checks from him reached a $ 9 billion deal to disclose Paysafe Group Ltd., the online payments company backed by Blackstone and CVC Capital Partners.