The government made a political deal with the hereditary peers-drop their fight against this bill, and in exchange the government will grant a subset of them life peerages
But that political deal is just an informal extralegal “understanding”, it isn’t actually in the text of the bill-having the bill text grant someone a life peerage would upset the status of peerages as a royal prerogative, and they don’t want to do that
Wouldn't a "deal" theoretically benefit both sides? That one doesn't offer the hereditary peers anything they don't already have.
By a larger pool of hereditary peers. Previously several hundred members of the aristocracy were all entitled to a seat in there by virtue of their birth and title alone. After reforms in 1999 this group had to nominate from within themselves a subset of 92 hereditary peers who would be allowed to participate in the chamber.
If by "the voters" you mean the general public, then no, they had no say at all.