Foley-backed SPAC nears $7.3 billion cope with Blackstone’s Alight: sources By Reuters

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By David French

(Reuters) – A blank-check acquisition agency backed by veteran investor Invoice Foley is nearing an settlement to take Alight Options LLC, the U.S. advantages providers supplier owned by buyout agency Blackstone Group (NYSE:) Inc, public at a valuation of $7.3 billion together with debt, individuals aware of the matter mentioned on Sunday.

The deal illustrates how Alight has change into a lovely funding goal in the course of the COVID-19 pandemic, capitalizing on the outsourcing of human sources features by many corporations which are looking for price financial savings to protect capital.

The transaction requires Alight to merge with particular goal acquisition firm (SPAC) Foley Trasimene Acquisition Corp, and might be introduced as quickly as Monday, mentioned the sources, who requested anonymity as a result of the negotiations are confidential.

Blackstone declined to remark, whereas Alight and Foley Trasimene didn’t reply to requests for remark.

Buyout companies have historically cashed out on their investments by promoting corporations outright or taking them public. The potential deal for Alight underscores how Blackstone sees SPACs as a viable different.

Primarily based in Lincolnshire, Illinois, Alight gives cloud-based advantages administration and human sources providers to companies, together with 70% of the Fortune 100, serving 188 international locations, based on its web site.

It was acquired by Blackstone in 2017 from insurance coverage dealer Aon (NYSE:) Plc, in a deal that valued it at as much as $4.8 billion.

Blackstone pursued an $800 million preliminary public providing of Alight two years in the past, however deserted the hassle amid considerations it could not fetch the phrases it was looking for.

Foley Trasimene raised $900 million in an IPO final Might to merge with a personal firm. Like all SPACs, it didn’t inform traders upfront what that firm can be.

The deal would be the second involving Blackstone and a Foley SPAC in current weeks. The non-public fairness agency and its peer CVC Capital Companions introduced final month they might merge Paysafe Group with Foley Trasimene Acquisition Corp II in a transaction that valued the funds processor at $9 billion.

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