Foley Trasimene Acquisition set a June 30 meeting date for stockholders to vote on the proposed business combination with Alight Solutions.
If approved, pon closing the combined company will operate as Alight and plans to list on the NYSE under ALIT. The transaction reflects an implied pro-forma enterprise value for Alight of approximately $7.3 billion.
Alight is a cloud-based provider of integrated digital human capital and business solutions.
The cash component of the consideration will be funded by the SPAC’s cash in trust, $300 million in proceeds from the forward purchase agreements with Cannae Holdings and THL FTAC LLC, an affiliate of Thomas H. Lee Partners, as well as a $1.55 billion private placement from various institutional and private investors.
Foley Trasimene raised $750 million in an IPO last year. That amount held in trust, combined with the $300 million in forward purchase agreements and $1.55 billion in private placements brings the Alight acquisition price to about $3.05 billion. Read more.
