The acquired business, which was rebranded Alight Solutions, is a leading U.S.-based provider of integrated benefits, payroll and cloud solutions.
Blackstone and ADIA engaged early in the Alight process as co-underwriting partners, forming a consortium that also included Singapore’s GIC and New Mountain Capital. Blackstone’s relationship with Aon and operational expertise made them well suited to lead the carve-out while ADIA augmented the consortium’s credibility with its in-house expertise in the areas of financial institutions and business services. The consortium’s thorough due diligence process validated Alight’s market leading position, and mission-critical customer-oriented service offering.
The investment was consistent with the strategy of ADIA's Private Equities Department to leverage its most meaningful relationships to pursue co-underwritten investment opportunities in market leading businesses. Through their partnership, ADIA and Blackstone also continued to build on their longstanding LP / GP relationship by expanding their collaboration on the direct investment front.
