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.” Foley Trasimene’s shares rose 9.4 percent in premarket trading. Based in Lincolnshire, Illinois, Alight offers cloud-based benefits administration and human resources services to businesses, including 70 percent of the Fortune 100 companies, in 188 countries, according to its website. “It is deeply embedded in health, wealth and payroll with all …
Foley-Backed SPAC Agrees to $7.3 Billion Deal With Blackstone’s Alight
January 25, 2021
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