Blackstone Group Inc.’s According to a person familiar with the matter, Alight Solutions will approach an agreement to announce through a merger with a specialty acquisition company backed by investor Bill Foley.
The agreement by Foley Trasimene Acquisition Corp. will value Alight, an enterprise for benefit administrators, for $ 7.3 billion, including debt, the person said, asking not to be identified because the information is private. The transaction can already be announced on Monday.
According to its website, located in Lincolnshire, Illinois, Alight provides support services for human resources, such as salary benefits, health benefits, and communication with employees for large enterprises in 188 countries. The company was a division of Aon Plc until Blackstone bought it in 2017 in a deal worth as much as $ 4.8 billion. Since then, Alight has acquired several other human resource and technology companies.
In 2019, Blackstone postponed its plans for Alight to raise as much as $ 800 million in an initial public offering just before the final prize market conditions, people familiar with the matter then told Bloomberg News.
Blackstone, Alight and Foley Trasimene declined to comment on the deal. Reuters reported on the news earlier.
Foley, 76, is a veteran investor who helps build and lead companies, including Fidelity National Financial Inc., the largest U.S. title insurance company. The deal follows his other involvement with Blackstone. In December, another empty check firm of his reached a $ 9 billion deal to make public Paysafe Group Ltd., the online payment firm backed by Blackstone and CVC Capital Partners.