Spinoffs, Takeovers and Special Situations Hotline – Friday, December 14, 2018
Article Excerpt
THE BLACKSTONE GROUP LP, $29.76, symbol BX on New York, is one of the world’s leading alternative asset managers, with $457 billion in assets under management as of September 30, 2018.
Private equity buyouts are one of the company’s platforms for growth. In February 2017, Blackstone bought Alight Solutions from Aon plc for $4.8 billion. Alight had been acquired by Aon in 2010 as part of its $4.9 billion acquisition of Hewitt Associates, which it still owns.
Currently, Alight provides benefits administration services and cloud-based human resources (using the Internet and remote file storage) to more than 22 million people. That represents around 15% of the U.S.’s working population. Alight had revenue of $2.3 billion in 2017.
Blackstone is now reportedly planning an initial public offering (IPO) to sell shares in Alight. This could take place as early as the first half of 2019. The offering is expected to raise between $500 million and $750 million. That would value Alight at as much…
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