Blackstone Group Inc. Alight Solutions is approaching a transaction that will become public through a merger with an unverified special procurement firm, backed by investor Bill Foley, according to someone familiar with the matter.
Understanding by Foley Trasimene Acquisition Corp. would appreciate Alight, a $ 7.3 billion benefits management business, including debt, said the person, who asked not to be identified because the information is private. The transaction could be announced immediately after Monday.
Headquartered in Lincolnshire, Illinois, Alight provides support services for human resources such as payroll, health benefits and employee communication for large companies in 188 countries, according to its website. The company was a division of Aon Plc until Blackstone bought it in 2017, in a transaction of up to $ 4.8 billion. Since then, Alight has acquired several other human resources and technology companies.
In 2019, Blackstone postponed plans for Alight to raise up to $ 800 million in an initial public offering just before final pricing store conditions, Bloomberg News told people familiar with the matter.
Blackstone, Alight and Foley Trasimene declined to comment on the deal negotiations. Reuters previously reported the news.
Foley, 76, is a veteran investor who has helped build and run companies, including Fidelity National Financial Inc., the largest insurance company in the United States. The agreement follows his other involvement with Blackstone. In December, another company checked it reached a $ 9 billion deal to make Paysafe Group Ltd., the online payment firm backed by Blackstone and CVC Capital Partners, public.