World News – US – Clover Health to Go Public via $ 3.7 Billion Deal with Share Capital


Last updated on October 6, 2020 5:53 PM IST

Insurance startup Clover Health will go public through a merger with blank check company Social Capital Hedosophia Holdings Corp III in a deal valued at $ 3.7 billion including debt, the company said Tuesday. / p>

The combined cash and stock deal includes a $ 100 million investment from venture capitalist Chamath Palihapitiya and $ 50 million from Hedosophiadocumentwrite («  »); googletagcmdpush (function () {googletagdefineOutOfPageSlot (‘/ 6516239 / outofpage_1x1_desktop’, ‘div-gpt-ad-1490771277198-0’) addService (googletagpubads ()); googletagpubadesRendering (agenable);

Clover, whose investors include Alphabet Inc and Sequoia Capital, is expected to receive up to $ 728 million of the proceeds, with up to $ 500 million allocated to existing shareholders

Palihapitiya, who also helped bring Virgin Galactic to the public last year, plans to raise a total of $ 2 billion through initial public offerings for three new blank check companies

In September, Opendoor Labs Inc, the door-to-door selling platform backed by SoftBank Group, agreed to go public through a merger with another Palihapitiya-backed blank check company in an agreement of a value of $ 48 billion

Social Capital Hedosophia Holdings is a partnership between the investment firms of Social Capital and Hedosophia, and was listed earlier this year

A blank check company, also known as a special purpose acquiring company, uses capital raised in an initial public offering to buy a private company, typically within two years The agreement then takes the private company on the stock market

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed)

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Clover Health, Social Capital, Special Purpose Acquisition Company, Chamath Palihapitiya

World News – United States – Clover Health to Go Public via $ 3.7 billion deal with the share capital


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