WPF - Foley Trasimene Acquisition shares higher on merger with Alight Solutions at ~$7.3B

Bill Foley's SPAC Foley Trasimene Acquisition (WPF) +9.5% premarket, to combine with Alight Solutions at an implied pro-forma valuation of ~$7.3B.Alight Solutions owner by Blackstone Group (BX) is a leading cloud-based provider of integrated digital human capital and business solutions., serving more than 3M people and their families. Bill Foley to become Chairman and Stephan Scholl to continue as CEO of the combined company, which will operate as Alight, Inc. and plans to list under the symbol 'ALIT'. Proceeds from the transaction will be used in part to pay down debt and will result in substantial deleveraging for Alight on a pro forma basis. Net leverage will be ~3.1x at close, and will support significant cash flow generation and flexibility to pursue opportunistic M&A going forward.The cash component of the consideration will be funded by Foley Trasimene’s cash in trust, as well as a $1.55B private placement from various institutional and private investors, and the previously announced forward purchase agreements, as

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Foley Trasimene Acquisition shares higher on merger with Alight Solutions at ~$7.3B