Blackstone Group Inc.’s Alight Solutions has agreed to go public via a merger with a blank-check special acquisition firm backed by investor Bill Foley, according to the companies.

The deal by Foley Trasimene Acquisition Corp would value Alight, a benefits administrator business, at about $7.3 billion including debt, the companies said in a statement.

Based in Lincolnshire, Illinois, Alight provides human-resource support services such as payroll, health benefits and employee communications for large companies in 188 countries, according to its website. The company was a division of Aon Plc until Blackstone bought it in 2017 in a transaction valued as much as $4.8 billion. Since then, Alight has acquired several other human-resources and technology companies.

In 2019, Blackstone postponed its plans for Alight to raise as much as $800 million in an initial public offering just before final pricing due to market conditions, people familiar with the matter told Bloomberg News then.

Foley, 76, is a veteran investor who’s helped build and lead companies including Fidelity National Financial Inc., the largest U.S. title insurance firm. In December, another blank-check firm of his reached a $9 billion deal to take Paysafe Group Ltd., the online payments firm backed by Blackstone and CVC Capital Partners, public.

The board of Alight will be comprised of eight directors, including three appointed by Foley, three by Blackstone, Alight Chief Executive Officer Stephan Scholl and one independent director.