Business & Investment

Foley-backed SPACs will be close to $ 7.3 billion in deals with Blackston’s Alite.

2/2
© Reuters. The Blackstone Group tickers and trading information will be displayed on the posts traded on the New York Stock Exchange floor.

2/2

David french

(Reuters)-Blank check acquisition company backed by veteran investor Bill Foley valuates Alight Solutions LLC, a U.S. benefits service provider owned by acquisition company Blackstone Group (NYSE :) Inc, at $ 7.3 billion. We are approaching an agreement to publish. People familiar with the matter, including debt, said on Sunday.

The deal shows how Alight became an attractive investment target during the COVID-19 pandemic, leveraging the outsourcing of HR functions by many companies seeking cost savings to maintain capital. I am.

The deal calls for Alight to merge with Foley Trasimene Acquisition Corp, a special-purpose acquisition company (SPAC), which may be announced on Monday, sources requesting anonymity because the negotiations are confidential. Said.

Blackstone declined to comment, but Alight and Foley Trasimene did not respond to the request for comment.

Buyout companies have traditionally cashed their investments by selling or making the company entirely. Alight’s potential trading highlights how Blackstone sees SPACs as a viable alternative.

Based in Lincolnshire, Illinois, Alight provides businesses with cloud-based benefits management and HR services, including 70% of the Fortune 100 serving 188 countries, according to its website.

It was acquired by insurance broker Aon (NYSE :) Plc by Blackstone in 2017 and traded up to $ 4.8 billion.

Blackstone sought an initial public offering of Alight for $ 800 million two years ago, but abandoned it in fear of not getting the terms it was looking for.

Foley Trasimene raised $ 900 million in an IPO last May and merged with a private sector. Like all SPACs, it didn’t tell investors in advance what the company would be like.

This is the second transaction involving Blackstone and Foley SPAC in the last few weeks. Private-equity firms and their peer CVC Capital Partners last month announced a deal that merged Paysafe Group with Foley Tracing Men Acquisition Corporation II and valued payment processors at $ 9 billion.

Disclaimer: Fusion media We inform you that the data contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indexes, futures) and forex prices are provided by the market maker, not the exchange, so prices may not be accurate and may differ from actual market prices. In other words, price is an indicator and is not suitable for trading purposes. Therefore, Fusion Media is not responsible for any transactional losses that may occur as a result of using this data.

Fusion media Alternatively, anyone involved in Fusion Media will not be liable for any loss or damage resulting from relying on the data, quotes, charts, trading signals and other information contained on this website. Be fully informed about the risks and costs associated with trading in financial markets. This is one of the most risky forms of investment possible.



Foley-backed SPACs will be close to $ 7.3 billion in deals with Blackston’s Alite.

https://www.investing.com/news/stock-market-news/foleybacked-spac-nears-73-billion-deal-with-blackstones-alight-sources-2397211 Foley-backed SPACs will be close to $ 7.3 billion in deals with Blackston’s Alite.

Back to top button