Cano Health nears $4.4 bln deal with Barry Sternlicht-backed SPAC - WSJ

Reuters

Nov 12, 2020

Nov 11 (Reuters) - Blank-check company Jaws Acquisition Corp

plans to take healthcare provider Cano Health LLC public in a $4.4 billion deal including debt, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

The special purpose acquisition company (SPAC), backed by real-estate investor Barry Sternlicht, could announce the deal as soon as Thursday, according to the report

The primary care center operator will receive an investment of about $800 million from several investors, including Sternlicht, the Journal reported.

A SPAC is a shell company that uses IPO proceeds to buy another company, typically within two years, in a merger that will take the acquired company public. Investors are not notified in advance on what company the SPAC will buy.

SPACs have been behind some of the most high-profile public listings this year, including online betting firm DraftKings

and billionaire investor Richard Branson's space tourism firm Virgin Galactic Holdings Inc .

Jaws Acquisition declined to comment, while Cano Health did not immediately respond to a Reuters request for comment.

(Reporting by Aishwarya Nair and Kanishka Singh in Bengaluru; Editing by Ramakrishnan M.)

((Aishwarya.Nair@thomsonreuters.com; +91-8067494421;))

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