Foley Trasimene Acquisition Corp. (WPF) Shareholders Approve Alight Solutions Deal

Foley Trasimene Acquisition Corp.  (NYSE:WPF) announced in a press release this morning that its shareholders approved its combination, as well as all other proposals, with workforce software firm Alight Solutions at a special meeting today.

Not all is settled, however, as Foley Trasimene extended the deadline for redemptions to 4 pm, July 1 in hopes that stockholders will have a change of mind.  As of the original redemption deadline June 28, stockholders elected to redeem 19,865,544 shares, reducing its trust from just over $1 billion to about $835 million. The extension will not allow any additional shareholders to redeem shares, but will allow redeemers to reverse course.

The SPAC’s sponsor also announced plans to buy up to 5.6 million shares that were previously submitted for redemption.  The transaction is expected to deliver approximately $2.68 billion of capital for Alight, which will be used for M&A purposes as well as other strategic investments, but the exact amount available at closing is still up in the air depending on the outcome from the new redemption deadline.

The transaction is expected to close on Friday July, 2 and the combined company’s stocks and warrants will trade on the New York Stock Exchange under the symbols “ALIT” and “ALIT.WS”, respectively, on Tuesday, July 6.

The parties initially announced the $7.3 billion deal on January 25. Alight software handles payroll and employee benefits with AI-backed personalized approaches and currently serves about 14% of the US working population.

ADVISORS

• J.P. Morgan Securities LLC is acting as lead financial advisor and capital markets advisor to Alight.
• Credit Suisse is acting as financial and capital markets advisor to Alight.
• Barclays and Morgan Stanley & Co. LLC are also acting as financial and capital markets advisors to Alight.
• BofA Securities is acting as financial advisor to Foley Trasimene.
• Credit Suisse and J.P. Morgan Securities LLC acted as lead placement agents on the private offering.
• BofA Securities also acted as placement agent.
• Kirkland & Ellis LLP is acting as legal counsel to Alight.
• Weil, Gotshal & Manges LLP is acting as legal counsel to Foley Trasimene.