Alight to merge, become publicly traded

LINCOLNSHIRE - Alight Solutions, a cloud-based provider of outsourcing services and business solutions, said Monday it has entered into a definitive business combination agreement to merge with Las Vegas-based Foley Trasimene Acquisition Corp.

Upon closing of the transaction, the combined company will operate as Alight Inc. It then plans to be publicly traded, listed under the symbol ALIT. The transaction reflects an implied pro forma enterprise value for Alight of approximately $7.3 billion.

Foley Trasimene Acquisition Corp. is a special purpose acquisition company. "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," said William P. Foley II, founder and chairman of Foley Trasimene. "Stephan (Scholl, CEO of Alight) and the leadership team have already positioned Alight as the market leader in employee benefit and business solutions and we believe there is significant opportunity to further transform the business and create value for shareholders."

Peter Wallace and David Kestnbaum, senior managing directors at Blackstone, said in a news release: "Under Blackstone's ownership, Alight's leadership team has transformed the company into a leading provider of integrated digital human capital and business solutions for employees and employers. We look forward to remaining significant shareholders alongside Foley Trasimene for the next stage of Alight's growth."