Tempo Acquisition plans debt for buyout of HR platform by Blackstone

By Sara Rosenberg

New York, Feb. 10 – Tempo Acquisition LLC has received a commitment for new debt financing to help fund the acquisition of Aon plc’s technology-enabled benefits and human resources platform by Blackstone, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Bank of America Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Macquarie Capital (USA) Inc., Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. provided the debt commitment.

Other funds for the transaction will come from equity.

Under the agreement, the human resources platform is being bought for cash consideration of up to $4.8 billion, including $4.3 billion at closing and additional consideration of up to $500 million based on future performance.

Closing is expected by the end of the second quarter.

The platform is a services provider for cloud-based HR management systems.

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