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(Reuters) - A blank-check acquisition firm backed by veteran investor Bill Foley is nearing an agreement to take Alight Solutions LLC, the U.S. benefits services provider owned by buyout firm Blackstone Group Inc, public at a valuation of $7.3 billion including debt, people familiar with the matter said on Sunday.
FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid
The deal illustrates how Alight has become an attractive investment target during the COVID-19 pandemic, capitalizing on the outsourcing of human resources functions by many companies that are seeking cost savings to preserve capital.
As New Biden Regulations Move Forward, There s Fallout in Some Sectors This looks like consolidation after a big run rather than a major shift in market character.
Small-cap corrective action is picking up some traction this morning, and there is some fallout in sectors like oil and pharmaceuticals as new Biden regulations are moving forward.
Speculative stock picking has slowed substantially with just a couple dozen 10% movers this morning. There still is some rotational action into big caps, but it has slowed. Overall breadth is solidly negative as it approaches two losers for each gainer. The new highs are still good at over 600, but many of those reversed following the opening prints.
Exclusive: Blackstone in talks to merge Alight with blank-check acquisition firm reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
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What happened
Today is another big day for companies hoping to IPO their stocks via reverse mergers into special purpose acquisition companies (SPACs) that are already listed on the stock market. As of 12:45 p.m. EST on Monday,
Blackstone in talks to merge Alight with blank-check acquisition firm business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.