Blackstone in Talks to Merge Alight With SPAC: Reuters

(Bloomberg) -- Blackstone Group Inc. is in talks to merge Alight Solutions LLC with Foley Trasimene Acquisition Corp., a blank-check special acquisition firm backed by investor Bill Foley, Reuters reported.

The merger would lead to Alight, a benefits administrator business, becoming a publicly-listed firm at a valuation of more than $8 billion, the report said, citing unidentified people familiar with the matter. Talks may not lead to a deal, they said.

Matthew Anderson, a spokesman for Blackstone, declined to comment, while representatives for Alight didn’t respond to an emailed request. A Foley spokesman didn’t immediately respond to a Reuters request for comment.

Alight, based in Lincolnshire, Illinois, provides human-resource support services like payroll, health benefits and employee communications for large companies in 188 countries, according to its website. It employs more than 15,000.

The company was a division of Aon Plc until Blackstone bought it in 2017 in a transaction valued as much as $4.8 billion. Since then, Alight has acquired several other human-resources and technology companies. Last year, it postponed plans for an $800 million initial public offering just before final pricing.

High-profile business figures have increasingly turned to special purpose acquisition companies -- SPACs -- as a way to pursue dealmaking. Blank-check companies have raised about $80 billion this year, eclipsing previous records, according to data compiled by Bloomberg.

Foley, 76, is a veteran investor who’s helped build and lead companies including Fidelity National Financial Inc., the largest U.S. title insurance firm. In May, his Foley Trasimene raised $900 million in a May IPO. The entity was formed to identify businesses in fintech or process outsourcing with high recurring revenue and cash flow and strong market positions, according to its registration statement.

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