Alight and Foley Trasimene announce merger
Alight Solutions, a leading cloud-based provider of integrated digital human capital and business solutions, and Foley Trasimene Acquisition Corp., a special purpose acquisition company, today announced that they have entered into a definitive business combination agreement. Upon closing of the transaction, the combined company will operate as Alight, Inc. and plans to list under the symbol ALIT. The transaction reflects an implied pro-forma enterprise value for Alight of approximately $7.3 BN.
The partnership will bring together the tools and relevant experience to accelerate revenue and margin growth, resulting in multiple expansion.
With this merger, Bill Foley will become Chairman of the Board of Directors and help accelerate the technology transformation of the business. Stephan Scholl to Continue Leading the Company as CEO. The Board will be comprised of eight directors, including three directors appointed by Foley Trasimene, three directors appointed by Blackstone, Alight CEO Stephan Scholl, and one additional independent director. A majority of the directors will be independent, consistent with the applicable listing rules.
"Partnering with proven SPAC sponsor Bill Foley positions Alight to become the preeminent employee engagement partner for employers of all sizes,” said Stephan Scholl, CEO of Alight.
He further shared, “Now more than ever, employees and employers are facing incredible challenges that are impacting their ability to thrive. We are committed to helping our clients and their people make the best decisions for themselves and their families through a personalized, integrated view of their health, wealth, and wellbeing. We know that when employees have peace of mind in their personal lives, they are inspired to do their best at work, resulting in higher productivity and an increased return on the investment companies make in their people.”
William P. Foley, II, Founder, and Chairman of Foley Trasimene, stated, “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. Stephan and the leadership team have already positioned Alight as the market leader in employee benefit and business solutions and we believe there is a significant opportunity to further transform the business and create value for shareholders. Through our partnership, we will leverage our proven playbook and Alight’s unique position between employees and employers to increase revenue growth and margin expansion. Alight is poised to be the preeminent employee engagement partner, and we look forward to assisting Stephan and the team in achieving this goal.”
Peter Wallace and David Kestnbaum, Senior Managing Directors at Blackstone, said, “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.”