Alight, Inc. / Delaware (ALIT): M&A transaction — Alight closes $1.2B sale of Payroll & Professional Services to H.I.G. Capital

Alight, Inc. / Delaware

Up to $1.2B total: $1B cash at close, $50M seller note, up to $150M contingent note tied to 2025 targets.
Net proceeds primarily to reduce debt, targeting pro forma net leverage below 3x.
COO Katie Rooney departed July 12; entitlement to post-employment payments per agreement.
Special cash awards: CFO Heaton $750k, CLO Felli $750k, President Goff $800k for transaction efforts.
Q2 continuing business revenue/EBITDA expected in-line; divested business slightly below expectations.

item 2.01 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Katie J. Rooney

Chief Operating Officer

ALIT · Alight, Inc. / Delaware

Effective: 2024-07-12
Filed: July 18, 2024, 7:59 PM ET

Ms. Rooney has departed from the Company, effective as of July 12, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Katie J. Rooney departed as Chief Operating Officer at Alight, Inc. / Delaware.

Action: departed
Role: Chief Operating Officer

Exact text from the filing

Ms. Rooney has departed from the Company, effective as of July 12, 2024.

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.99

Alight, Inc. / Delaware completed a disposition involving Axiom Buyer, LLC, an affiliate of H.I.G. Capital, L.L.C. for $1.2 billion, in the form of upfront gross proceeds of $1 billion in cash and up to $200 million in seller notes (closed 2024-07-12).

Action: disposition
Counterparty: Axiom Buyer, LLC, an affiliate of H.I.G. Capital, L.L.C.
Consideration: $1.2 billion, in the form of upfront gross proceeds of $1 billion in cash and up to $200 million in seller notes
Closing: 2024-07-12

Exact text from the filing

The sale of the Payroll & Professional Services business, which will operate as an independent business and has been renamed Strada, includes a transaction value of up to $1.2 billion, in the form of upfront gross proceeds of $1 billion in cash and up to $200 million in seller notes, of which $150 million is contingent upon Strada reaching certain 2025

View on SEC.gov

9 m&a transactions filed in the last 30 days. Browse all m&a transactions →

Alight, Inc. / Delaware filing history →

Source: SEC EDGAR

accession 0000950170-24-084440

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