MultiPlan merging with Churchill Capital Corp III

MultiPlan merging with Churchill Capital Corp III

Market-leading, healthcare cost management solutions provider, MultiPlan, Inc and public investment vehicle Churchill Capital Corp have announced they are entering into an agreement to merge. After the merger, the company will be known as MultiPlan and appear on the NYSE.

The merger will bring MultiPlan up to $3.7 billion of new equity to substantially reduce debt. MultiPlan will continue to serve its customers with relentless focus from its current team CEO Mark Tabak, CFO David Redmond, and CRO Dale White. Hellman & Friedman will remain as MultiPlan’s largest shareholder.

Mark Tabak, CEO of MultiPlan, stated, “I’m tremendously proud of the role MultiPlan plays in driving order, efficiency and fairness in healthcare payments. This transaction allows us to create payer value beyond the tech-enabled cost management and payment integrity services we offer today. As a public company, MultiPlan will have greater strategic and financial flexibility, making it better equipped to expand organically, through adjacent acquisitions and by investing in new technologies. We will deliver even more value for healthcare payers in particular, but also for their consumers and providers.”

MultiPlan merging with Churchill Capital Corp III

Allen Thorpe, Partner at Hellman & Friedman, said, “MultiPlan’s performance as a privately held company has been outstanding. This transaction strengthens the Company and will allow it to further penetrate the broad and fast-growing healthcare market, driving efficiencies and cost savings that benefit the sector and deliver great outcomes for payers, providers and consumers.” He further added, “We are excited to join forces with the Churchill team and continue our partnership with MultiPlan to deliver value for its many customers.”

“We are pleased to partner with MultiPlan to drive its next phase of growth. MultiPlan is on the right side of healthcare, significantly reducing costs to insurers, employers, and consumers,” said Michael S. Klein, Chairman, and CEO of Churchill

READ MORE: Wearing a Face Mask Could Prevent Second Wave of Covid19

“MultiPlan has an unmatched, long-term track record of customer satisfaction and delivering high returns to investors. This transaction will enable the Company to enhance its capital structure and position it for substantial incremental growth. MultiPlan fits perfectly with Churchill’s core mission to provide intellectual and financial capital to power the growth of great, market-leading companies who operate in attractive industries, and can succeed more rapidly in the public markets with increased capital and the benefit of Churchill’s Operating and Strategic Partners.” 

LEAVE A REPLY

Please enter your comment!
Please enter your name here