Foley-backed SPAC nears $7.3 billion deal with Blackstone’s Alight: resources

By David French

(Reuters) – A blank-check out acquisition agency backed by veteran investor Bill Foley is nearing an settlement to consider Alight Methods LLC, the U.S. positive aspects providers company owned by buyout company Blackstone Group Inc, public at a valuation of $7.3 billion including personal debt, men and women common with the matter said on Sunday.

The offer illustrates how Alight has become an beautiful expense focus on during the COVID-19 pandemic, capitalizing on the outsourcing of human methods features by a lot of corporations that are in search of charge price savings to maintain money.

The transaction calls for Alight to merge with unique purpose acquisition organization (SPAC) Foley Trasimene Acquisition Corp, and could be introduced as soon as Monday, reported the resources, who asked for anonymity since the negotiations are confidential.

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

Buyout firms have traditionally cashed out on their investments by promoting organizations outright or getting them community. The likely offer for Alight underscores how Blackstone sees SPACs as a feasible choice.

Dependent in Lincolnshire, Illinois, Alight provides cloud-based mostly added benefits administration and human methods providers to enterprises, which include 70% of the Fortune 100, serving 188 countries, according to its web page.

It was acquired by Blackstone in 2017 from insurance policies broker Aon Plc, in a offer that valued it at up to $4.8 billion.

Blackstone pursued an $800 million original community presenting of Alight two several years in the past, but abandoned the energy amid fears it would not fetch the terms it was seeking.

Foley Trasimene elevated $900 million in an IPO very last May well to merge with a non-public company. Like all SPACs, it did not tell investors in advance what that company would be.

The offer will be the next involving Blackstone and a Foley SPAC in current weeks. The personal fairness company and its peer CVC Capital Partners introduced previous month they would merge Paysafe Team with Foley Trasimene Acquisition Corp II in a transaction that valued the payments processor at $9 billion.

(Reporting by David French in New York Editing by Matthew Lewis)