Foley Trasimene Acquisition said today that stockholders voted in favor of the SPAC’s merger with Alight Solutions.
Alight is a cloud-based provider of integrated digital human capital and business solutions.
Foley Trasimene also announced today that the deadline for stockholders to withdraw any election to have their shares redeemed will be 4 p.m. Eastern Time on July 1.
The SPAC’s sponsors intend to acquire up to approximately 5.6 million shares that were previously submitted for redemption. As of the redemption deadline on June 28 Foley Trasimene stockholders had elected to redeem 19,865,644 shares, resulting in over $835 million being available from FTAC’s trust account. Combined with $1.85 billion in outstanding financing commitments, including a $400 million combined investment from Cannae Holdings, Foley Trasimene will deliver at least $2.68 billion of capital at the closing.
The merger represents the second-largest completed common equity raise in a SPAC transaction over the past several years, the SPAC said in a press release.
The deal is expected to close July 2. The new company will operate as Alight, and Class A common stock and warrants will trade on the NYSE under ALIT and ALIT WS, starting July 6. Read more.