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

Ark Solutions

12/11/2020 02:36

Nov 11 (Reuters) - Blank-check company Jaws Acquisition Corp
 JWS.N  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 https://www.wsj.com/articles/cano-health-nears-deal-with-barry-sternlicht-spac-sources-say-11605140816?mod=searchresults_pos1&page=1.
 
    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.
 urn:newsml:reuters.com:*:nL4N2HI2EJ
    SPACs have been behind some of the most high-profile public
listings this year, including online betting firm DraftKings
 DKNG.O  and billionaire investor Richard Branson's space
tourism firm Virgin Galactic Holdings Inc  SPCE.N .
    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;))