Alight Inc (ALIT)

[realfast95]

Bill Foley's company Cannae Holdings, mentions it's ownership stake in ALIT

https://investor.cannaeholdings.com/static-files/39080000-7cb6-4379-8650-9a10ebde608b

Alight is probably the most compelling risk-weighted value in our
portfolio, which is why I was eager to invest an additional $42
Million when redemption requests from overcommitted hedge
funds in need of liquidity came through. Alight has also suffered
stock price dislocation as short-term SPAC investors exited the
stock and long-term fundamental investors rotate in. Stephan
Scholl is an outstanding leader, and he has made unexpectedly
rapid progress in converting Alight’s sales to BPaaS (Business
Process as a Service) sales – which to investors means more
products, higher margin, and more sticky, recurring revenues.
Alight is mission critical to its customers and we believe once
the investor community comes to see what I see in this business,
significant multiple expansion will be in order.

On June 30, 2021, Foley Trasimene Acquisition Corp.
shareholders approved the business combination with
Alight, which closed on July 2, 2021. Cannae has invested
approximately $440 Million and owns 50.4 Million Alight
common shares (NYSE: ALIT) and 8.0 Million warrants.
Excluding amounts for the warrants, our implied cost per
ALIT share is $8.65

NYSE: ALIT
At the end of the second quarter of 2021, Foley Trasimene
Acquisition Corp’s (NYSE: WPF) stockholders approved the
business combination with Alight Solutions (NYSE: ALIT), and
this deal formally closed on July 2, 2021. Alight is a leading
cloud-based provider of integrated digital human capital and
business solutions serving over 30 Million employees and their
family members and is installed in 50% of the Fortune 500. The
opportunity is to transform Alight into a Business Process as a
Service (BPaaS) enterprise where the company can leverage its
existing, industry-leading position to substantially grow revenue
and EBITDA.
In conjunction with the merger, Cannae funded $400 Million of
its investment commitments including a $150 Million forward
purchase agreement and a $250 Million PIPE agreement
announced in January 2021. Further, Cannae invested a net $42.1
Million to purchase 4.2 Million redeeming shares of WPF and
acquired 1.5 Million WPF Class B shares from other members
of the sponsor group as an incentive. The investments augment
Cannae’s founder shares from its approximately 20% economic
interest in the WPF sponsor and a $4.5 Million investment
in private placement warrants. These common shares were
automatically converted into ALIT Class A common shares at
closing. Cannae now holds 50.4 Million ALIT common shares
(~9.6% of outstanding equity) as well as warrants on 8.0 Million
common shares, with a net implied cost per common share of
$8.65, excluding the cost of the warrants. Alight is scheduled to
release their second quarter 2021 results on August 12, 2021