Foley Trasimene Acquisition Corp. Announces Stockholder Approval of Proposed Business Combination with Alight Solutions
June 30 2021 - 11:07AM
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Foley Trasimene Acquisition Corp. (NYSE: WPF, WPF WS) (“FTAC” or “Foley Trasimene”) announced that, at the special meeting of Foley Trasimene stockholders held today, FTAC’s stockholders voted to adopt the Business Combination Agreement for Foley Trasimene’s proposed business combination (the “Business Combination”) with Alight Solutions (“Alight”) and approved all other stockholder proposals in connection with the Business Combination.
FTAC will deliver at least $2.68 billion of capital at the closing of the Business Combination, positioning the combined company to substantially deleverage and providing flexibility for Alight to pursue M&A and other strategic investments going forward. The Foley Trasimene / Alight merger represents the second largest completed common equity raise in a SPAC transaction over the past several years.
In addition, Foley Trasimene announced today that the deadline for stockholders to withdraw any election to have their shares redeemed in connection with the Business Combination will be 4:00 pm Eastern Time on Thursday, July 1, 2021. Stockholders who wish to withdraw a redemption request should contact FTAC’s transfer agent, Continental Stock Transfer & Trust Company, by email at mzimkind@continentalstock.com.
Foley Trasimene also announced today that its sponsors intend to acquire up to approximately 5.6 million shares that were previously submitted for redemption. As of the redemption deadline at 5:00 pm Eastern Time on June 28, 2021, Foley Trasimene stockholders had elected to redeem 19,865,644 shares in connection with the completion of the Business Combination, 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 LLC, FTAC will deliver at least $2.68 billion of capital at the closing of the Business Combination.
The completion of the Business Combination is expected to occur on Friday, July 2, 2021, subject to the satisfaction or waiver of customary closing conditions. Following the completion of the Business Combination, the newly combined company will operate as Alight, Inc. Alight, Inc.’s Class A common stock and warrants will trade on the New York Stock Exchange (NYSE) under the symbols “ALIT” and “ALIT WS”, respectively, and are expected to start trading on Tuesday, July 6, 2021.
