Alight Solutions (ALIT) PT Raised to $13 at UBS

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Go back to Alight Solutions (ALIT) PT Raised to $13 at UBS

H.I.G. Capital Signs Definitive Agreement to Acquire Alight’s Payroll and Professional Services Business

March 20, 2024 10:12 AM EDT

NEW YORK--(BUSINESS WIRE)-- H.I.G. Capital (H.I.G.), a leading global alternative investment firm with $60 billion of capital under management, is pleased to announce that one of its affiliates has signed a definitive agreement to acquire the Payroll and Professional Services Business (Payroll & Professional Services or the Company) of Alight, Inc. (Alight, NYSE: ALIT) for up to $1.2 billion.

The Payroll and Professional Services Business is a leading global provider of technology-enabled payroll, human capital management, and professional services. The Company provides a full suite of end-to-end technology and services, including U.S. and... More

Alight Announces Agreement to Sell Payroll and Professional Services Business for up to $1.2 Billion

March 20, 2024 9:16 AM EDT

Accelerates Transformation Toward Simplified and Focused Platform Company for Employee Wellbeing and Benefits

At Closing, Recurring Revenue to Increase From 84% to Over 90% and Margin Profile to Improve by Nearly 300 Basis Points

Raises Mid-Term Adjusted EBITDA Margin Guidance to 28%

New Commercial Partnership with the Divested Company

Expect to Reduce Net Leverage Ratio to Below Three Times

Increased Stock Repurchase Program by $200 Million

Company to Host Webcast to Discuss Transaction at 10:00 a.m. ET

LINCOLNSHIRE,... More