Clover Health to Go Public Through Social Capital III Merger (2)

Clover Health Investments Corp., an insurance startup backed by Alphabet Inc. and Sequoia, agreed to go public through a merger with Social Capital Hedosophia Holdings Corp. III, the latest in a wave of deals with blank-check companies to list shares on exchanges.

The deal values Clover at $3.7 billion, including debt, according to a statement Tuesday, confirming an earlier Bloomberg report. Clover will receive as much as $728 million, and $500 million more will be allocated to other Clover investors, the companies said.

The deal will be supported by a $400 million investment from Social Capital III Chief ...