MultiPlan to Go Public in Merger With Churchill Capital

MultiPlan, on Sunday, arrived at a merger offer with exclusive goal acquisition firm (SPAC) Churchill Money III, which values the firm at $11 billion.

The merger will allow for the health care solutions provider to go community with out an first community featuring. MultiPlan mentioned its shares would checklist at the New York Inventory Exchange.

The offer with Churchill Money will bring the New York-centered firm $three.7 billion of new equity or equity-linked money, which will enable it “to considerably minimize its debt and fund new price-added services,” the firm mentioned.

MultiPlan is now owned by private equity business Hellman & Friedman. Churchill Money, the business it is merging with, was started by previous Citigroup banker Michael Klein and went community in February.

“This transaction enables us to develop payer price past the tech-enabled value administration and payment integrity services we give right now,” the company’s chief executive officer Mark Tabak mentioned in a statement.

“As a community firm, MultiPlan will have higher strategic and economical versatility, building it much better equipped to grow organically, by adjacent acquisitions and by investing in new technologies.”

[MultiPlan delivers dental and health-related payers negotiation, claim pricing, and payment precision services to personalize their health care value administration systems.]

Previously this yr, electric cars maker Nikola famously went community in a equivalent fashion. Rival firm Fisker is also reportedly scheduling a merger with a SPAC.

Churchill Money shares closed approximately two% higher at $10.81 on Friday.

This story initially appeared on Benzinga.

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