Blank-check special acquisition firm Foley Trasimene Acquisition Corp has successfully entered into a definitive business combination deal to take Blackstone Group Inc.’s Alight Solutions, the two companies announced on Monday.
In a statement, the black-check firm valued Alight – a benefits administrator business – at approximately $7.3 billion including the debts it incurred.
The deal would include $1.55 billion in investments from many business investors, including $250 million from Cannae Holdings Inc, as well as $150 million Fidelity National Title Insurance Co, Chicago Title Insurance Co and Commonwealth Land Title Insurance Co.
“Our team has worked meticulously evaluating hundreds of potential partners through the second half of 2020, and we are excited to announce this transaction with Alight,” Bill Foley, the founder and chairman of Foley Trasimene, said in a statement.
Alight is an Illinois-based business process outsourcing firm that provides integrated digital human capital and cloud-based human resource support services such as payroll, health benefits and employee communications. It has many big companies as customers all around the world.
Foley commended Alight’s CEO Stephan Scholl and the leadership team of the company for being able to make the firm the “market leader in employee benefit and business solutions.”
“Through our partnership, we will leverage our proven playbook and Alight’s unique position between employees and employers to increase revenue growth and margin expansion. Alight is poised to be the preeminent employee engagement partner and we look forward to assisting Stephan and the team in achieving this goal,” he added.
Upon closing of the transaction, the combined firm’s board would have eight directors, including Scholl, one independent investor, three individuals that would be appointed by Foley, as well as three others that would be selected by Blackstone Group.
© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.