Followers | 3344 |
Posts | 84621 |
Boards Moderated | 7 |
Alias Born | 10/05/2005 |
Sunday, July 12, 2020 8:33:53 PM
PR Newswire PR NewswireJuly 12, 2020
- Transaction Will Deliver Financial Flexibility to Fuel MultiPlan's Significant Organic and Acquisition Growth Opportunities
- MultiPlan Brings Affordability and Fairness to the Healthcare System, Delivering Approximately $19 Billion in Medical Cost Reduction on over 135 Million Claims
- MultiPlan's Value to Healthcare Payers Will Be Enriched by Three Key Growth Pillars: Enhancing, Extending and Expanding Capabilities and Services
- Current MultiPlan Management Will Continue to Lead the Company
- Transaction Includes $1.3 Billion Fully Committed Common Stock at $10 Per Share and $1.3 Billion Convertible Debt, Convertible at $13 Per Share
- Investor Call on Monday, July 13, 2020 at 8:00 am EST
NEW YORK, July 12, 2020 /PRNewswire/ -- Churchill Capital Corp III ("Churchill") (NYSE: CCXX), a public investment vehicle, and MultiPlan, Inc. ("MultiPlan"), a market-leading, technology-enabled provider of end-to-end healthcare cost management solutions, announced today that they have entered into a definitive agreement to merge. The combined company will operate as MultiPlan and will be listed on the NYSE. The transaction implies an initial enterprise value for MultiPlan of approximately $11 billion or approximately 12.9x estimated 2021 Adjusted EBITDA. The transaction will bring to MultiPlan up to $3.7 billion of new equity or equity linked capital to substantially reduce its debt and fund new value-added services.
MultiPlan will continue to operate its business with a relentless focus on delivering service excellence to its payer customers. The existing management team, led by long-standing CEO Mark Tabak, CFO David Redmond and Chief Revenue Officer Dale White, will continue to lead the business, and Hellman & Friedman affiliates ("H&F") will remain MultiPlan's largest shareholder.
The capital from this transaction, combined with Churchill's expertise, will enable MultiPlan to continue to enhance its core offerings to payers through a significant increase in its data analytics platform, extend into new payer customer segments and expand its platform, increasing the value MultiPlan provides to more than 700 payers, their 60 million consumers and MultiPlan's 1.2 million providers that serve them. Further, the transaction will better position MultiPlan to capitalize on the entire $50 plus billion total addressable market, rather than its current subset of $8 billion, organically and through M&A.
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."
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."
Give Me A Follow If You Want To Consistently Find Winners!
Click Here:
https://investorshub.advfn.com/boards/profilea.aspx?user=61470
Please do your own DD...All my posts are my opinion only!
Recent MPLN News
- MultiPlan Wins “Best Overall Healthcare Data Analytics Platform” in 8th Annual MedTech Breakthrough Awards Program • Business Wire • 05/09/2024 02:02:00 PM
- MultiPlan Reports First Quarter 2024 Results • Business Wire • 05/08/2024 10:00:00 AM
- MultiPlan Corporation Announces Participation at Upcoming Conferences • Business Wire • 04/30/2024 12:30:00 PM
- MultiPlan Corporation Announces First Quarter 2024 Earnings Conference Call • Business Wire • 04/16/2024 12:00:00 PM
- MultiPlan Corporation Receives Continued Listing Standard Notice from NYSE • Business Wire • 03/29/2024 08:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/07/2024 01:42:59 PM
- MultiPlan Appoints Jerry Hogge as Chief Operating Officer • Business Wire • 03/07/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:56:10 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:53:38 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:50:08 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:43:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:41:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:36:57 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:34:08 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:29:58 PM
- MultiPlan Corporation to present at Barclays 26th Annual Global Healthcare Conference • Business Wire • 03/04/2024 01:55:00 PM
- Grant of Awards to New MultiPlan CEO, Travis Dalton, under NYSE Listing Rules • Business Wire • 03/01/2024 11:00:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/29/2024 12:02:58 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/29/2024 11:04:52 AM
- MultiPlan Reports Fourth Quarter and Full Year 2023 Results • Business Wire • 02/29/2024 11:00:00 AM
- MultiPlan Corporation Announces Fourth Quarter and Full Year 2023 Earnings Conference Call • Business Wire • 02/01/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/04/2024 01:05:26 PM
- MultiPlan Announces CEO Succession Plan • Business Wire • 01/04/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/03/2024 09:22:20 PM
- MultiPlan Corporation to present at the 42nd Annual J.P. Morgan Healthcare Conference • Business Wire • 12/06/2023 09:30:00 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM