According to a report published by Reuters, private equity firm Blackstone Group LP is priming for an initial public offering (IPO) of Alight Solutions LLC, a U.S. provider of healthcare and retirement benefits services. Alight Solutions is expected to be valued at more than $7 billion, including debt.
The IPO is expected to hit markets in the first half of 2019, almost two years after Blackstone’s acquisition of Alight for ~$4.8 billion from the insurance broker Aon Plc (AON). With this IPO, Blackstone hopes to turn a sizable profit by progressively diluting its stake in Alight via the stock market.
To underwrite the IPO, Blackstone has already hired Bank of America Corp (BAC), JPMorgan Chase & Co (JPM) and Morgan Stanley (MS). However, Blackstone has also indicated that it is willing to consider any acquisition offers for Alight if it receives any, while the process for taking the company public continues.
Expected to raise somewhere between $500 million to $750 million, analysts opine the debut timing would be heavily dependent on market conditions.