Bill Foley's SPAC Nears $7.3B Deal To Take Alight Solutions Public: Report

The Blackstone Group Inc BX-owned benefits service provider Alight Solutions LLC is nearing a merger deal with Bill Foley-led blank-check company Foley Trasimene Acquisition Corp WPF to go public, Reuters reported Sunday.

What Happened: The deal that values Alight at $7.3 billion, including debt, could be announced as early as Monday, people familiar with the matter told Reuters.

Blackstone acquired Alight from insurance broker Aon Plc AON in a $4.8 billion deal in 2017.

Foley Trasimene raised $900 million in an initial public offering in May.

Why It Matters: Blackstone abandoned an earlier $800 million IPO effort of Alight two years ago.

Earlier last month, Blackstone-owned global payments provider Paysafe went public by merging with Foley Transimene Acquisition Corp II BFT in a $9 billion mega-deal.

Price Action: Blackstone shares closed 1% lower at $65.03 on Friday and gained 0.42% in the after-hours session. On the same day, Foley Trasimene shares closed 7.12% higher at $12.79 and gained 6.72% to $13.65 in the after-hours session.