MultiPlan Inc. is merging with a particular objective acquisition firm in an $11 billion deal that may take the health-care-services supplier public.
The corporate, presently owned by private-equity agency Hellman & Friedman, will merge with Churchill Capital Corp. III, a SPAC run by former Citigroup Inc. banker Michael Klein that went public in a February preliminary public providing, the businesses mentioned late Sunday.
The WSJ earlier Sunday had reported on the deal.
The transaction, the worth of which incorporates debt, will infuse MultiPlan with as much as $3.7 billion of latest fairness and convertible debt, together with $700 million from current buyers and $2.6 billion from outsiders—amongst them sovereign-wealth funds, mutual funds and household workplaces, in line with folks conversant in the matter. The corporate plans to make use of the brand new cash for functions together with paying down debt, buying a portion of the present house owners’ stake and funding its steadiness sheet.