- Social Capital Hedosophia Holdings Corp. III will merge with Medicare insurer Clover Health in a deal valuing the latter firm at $3.7 billion, according to a Tuesday press release.
- The special-purpose acquisition company, or SPAC, led by billionaire Chamath Palihapitiya will use funds raised in its initial public offering to buy Clover Health and take the combined entity public.
- The healthcare company “will build large market adoption and shareholder returns” by lowering patient costs and improving overall care, Palihapitiya said in his investment thesis.
- Shares of the SPAC gained as much as 4% in early Tuesday trading.
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The blank-check company led by billionaire investor Chamath Palihapitiya plans to merge with Medicare insurer Clover Health and take the combined entity public.
Social Capital Hedosophia Holdings Corp. III