Churchill Capital, a special purpose acquisition company, and MultiPlan said they have reached a definitive agreement to merge in a deal worth about $11 billion that will take the US healthcare services firm public, reported The Financial Times.
The deal represents the largest-ever SPAC merger, said Multiplan parent Hellman & Friedman (H&F).
“As a public company, MultiPlan will have greater strategic and financial flexibility, making it better equipped to expand organically, through adjacent acquisitions and by investing in new technologies,” Mr Tabak said in a statement. “We will deliver even more value for healthcare payers in particular, but also for their consumers and providers.”
The merged company will operate under the name MultiPlan, which will be listed on NYSE, the companies said in a joint statement on Sunday, adding that the deal will expand MultiPlan’s data analytics platform.
The company projected it would make $860m in adjusted earnings before interest, taxes depreciation and amortisation on revenues of $1.1bn in 2021, according to a shareholder presentation.