MultiPlan to Go Public in Merger With Michael Klein’s SPAC (1)

MultiPlan Inc. is merging with former Citigroup Inc. banker Michael Klein’s listed special purpose vehicle Churchill Capital Corp. III in an $11 billion deal that will take the health-care services provider public on NYSE, the companies said Sunday.

MultiPlan, currently owned by private-equity firm Hellman & Friedman, helps insurance companies such as UnitedHealth Group Inc. and Cigna Corp. find cost savings in health-care claims. Hellman & Friedman bought MultiPlan in 2016 for $7.5 billion from Starr Investment Holdings LLC.

The transaction, the value of which includes debt, would inject MultiPlan with up to $3.7 billion of new equity and ...