Alphabet-backed Clover Health Investments the latest to go public through Spac deal
The move follows three weeks after partner Chamath Palihapitiya launched a $4.8bn Spac deal with start-up Opendoor
06 October 2020 - 18:47
San Francisco — Clover Health Investments, an insurance start-up backed by Alphabet and Sequoia, has agreed to go public through a merger with Social Capital Hedosophia Holdings 3, the latest in a wave of deals with blank-cheque companies to list shares on exchanges.
The deal values Clover at $3.7bn, including debt, according to a statement on Tuesday. Clover will receive as much as $728m, and $500m more will be allocated to other Clover investors, the companies said...
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