MobiHealth News October 6, 2020
The deal rates Clover at an enterprise value of about $3.7 billion and is expected to close in early 2021.
Clover Health, an insurtech company for Medicare Advantage plans, will become publicly traded through a merger with special purpose acquisition company (SPAC) Social Capital Hedosophia Holdings Corp. III.
The two companies will combine through a mix of cash financing and stock, according to the announcement. The deal rates Clover at an enterprise value of about $3.7 billion and is expected to bring in $1.2 billion of gross proceeds. Clover will receive up to $728 million of the transaction proceeds, and up to $500 million of cash proceeds will go to existing Clover shareholders.
The transaction also includes a $400 million...
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