Foley-backed SPAC agrees to $7.3 billion deal with Blackstone's Alight

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A blank-check firm backed by prominent investor Bill Foley has agreed to take Alight Solutions LLC, the U.S. benefits services provider owned by buyout firm Blackstone Group, public in a deal valued at $7.3 billion, the companies said on Monday.

FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange April 4, 2016. REUTERS/Brendan McDermid

The deal includes an investment of $1.55 billion from a number of investors, including a $250 million investment from Cannae Holdings Inc, and a $150 million investment from Fidelity National Title Insurance Co, Chicago Title Insurance Co and Commonwealth Land Title Insurance Co.The merged company plans to list on the New York Stock Exchange under the symbol “ALIT”.

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

Source: News Formal (newsformal.com)

 

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