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

July 12, 2020, 11:47 PM

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 ...

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