Blackstone in talks to join SPAC: Reuters

The Blackstone Group Inc. in talks to merge Alight Solutions LLC with Foley Trasimene Acquisition Corp., a blank check specialty construction company backed by investor Bill Foley, Reuters reported.

The merger would make Alight, a benefits administrator business, a publicly listed company valued at more than $ 8 billion, the report said, naming unknown people familiar with the case. Negotiations may not lead to a contract, they said.

Matthew Anderson, a spokesman for Blackstone, declined to comment, though representatives for Alight did not respond to an email request. A Foley spokesman did not immediately respond to Reuters’ request for comment.

Alight, based in Lincoln County, Illinois, provides human resource support services such as payroll, health benefits and employee communications for major companies in 188 countries, according to its website. It employs over 15,000.

The company was a division of One Plc until Blackstone bought it in 2017 in a trade valued at as much as $ 4.8 billion. Since then, Alight has acquired several other human resources and technology companies. Last year, e has canceled plans for an initial public offering of $ 800 million just before the final price.

High-profile business figures have turned to special purpose construction companies – SPACn – as a way to deal. Empty check companies have raised about $ 80 billion this year, down on previous records, according to data compiled by Bloomberg.

Foley, 76, is a veteran investor who helped build and manage companies including Fidelity National Financial Inc., the largest U.S. title insurance company. In May, his Foley Trasimene raised $ 900 million in IPOs in May. The entity was created to identify businesses in fintech or outsourced process with high revenue and cash flow and strong market position, according to its registration statement.

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