Blackstone in talks to merge Alight with blank-check acquisition firm

Private equity firm Blackstone Group Inc is in talks to merge U.S. benefits services provider Alight Solutions LLC with a blank-check acquisition firm backed by veteran investor Bill Foley, according to people familiar with the matter.

The merger with Foley Trasimene Acquisition Corp would result in Alight becoming a publicly-listed company at a valuation of more than $8 billion, including debt, the sources said.

The deal talks come more than a year after Blackstone cancelled an initial public offering (IPO) of Alight as it was about to raise up to $800 million, amid concerns that it would not fetch the terms it was seeking. A deal with Foley's blank-check acquisition firm would underscore the growing popularity of these vehicles as an alternative route to the stock market.

The sources cautioned that the negotiations may not lead to a deal and requested anonymity because the matter is confidential. Blackstone and Alight declined to comment, while a Foley spokesman did not immediately respond to a request for comment.