Alight Solutions (ALIT) PT Raised to $13 at UBS
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H.I.G. Capital Signs Definitive Agreement to Acquire Alight’s Payroll and Professional Services Business
March 20, 2024 10:12 AM EDTNEW 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 EDTAccelerates 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
