Home Business Cano Well being to record through $4.4 billion merger with Barry Sternlicht-backed...

Cano Well being to record through $4.4 billion merger with Barry Sternlicht-backed SPAC

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© Reuters. Barry Sternlicht speaks on the 2014 Milken Institute International Convention in Beverly Hills

(Reuters) – Healthcare supplier Cano Well being LLC shall be taken public via a merger with a blank-check firm backed by actual property investor Barry Sternlicht, in a deal value $4.4 billion deal, together with debt, the businesses stated on Thursday.

Sternlicht’s particular goal acquisition firm (SPAC) Jaws Acquisition Corp (N:) was listed on the New York Inventory Change in Could.

A SPAC is a shell firm that makes use of IPO proceeds to purchase one other firm, sometimes inside two years, in a merger that can take the acquired firm public. Buyers should not notified prematurely on what firm the SPAC will purchase.

SPACs have emerged as a well-liked IPO different for firms this 12 months, offering a path to going public with much less regulatory scrutiny.

On-line betting agency DraftKings (O:) and billionaire investor Richard Branson’s house tourism agency Virgin Galactic Holdings Inc (N:) have picked the SPAC route this 12 months.

Based in 2009, Cano Well being runs a healthcare platform for 103,000 seniors, with greater than 500 main care physicians throughout 14 markets in Florida, Texas, Nevada and Puerto Rico.

As a part of the deal, Cano Well being will obtain an funding of $800 million from buyers together with Sternlicht in addition to funds associated to and managed by Constancy Administration, BlackRock (NYSE:), Third Level (NYSE:) and Maverick Capital.

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