Alight Announces Agreement to Sell Payroll and Professional Services Business for up to $1.2 Billion [Yahoo! Finance]
Alight, Inc. Class A (ALIT)
Company Research
Source: Yahoo! Finance
– 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, Ill., March 20, 2024 BUSINESS WIRE )--Alight, Inc. (NYSE: ALIT), a leading cloud-based human capital technology and services provider, today announced that it has signed a definitive agreement to sell its Professional Services segment and its Payroll & HCM Outsourcing businesses within the Employer Solutions segment (the "Payroll & Professional Services business") to an affiliate of H.I.G. Capital for up to $1.2 billion, subject to certain adjustments. This values the Payroll & Professional Services business at a multiple of approximately 10
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ALIT
Earnings
- 2/21/24 - Miss
ALIT
Sec Filings
- 4/29/24 - Form 10-K/A
- 4/11/24 - Form 4/A
- 4/10/24 - Form 4
- ALIT's page on the SEC website