Payments recovery company MSP's SPAC deal to value combined firm at $32.6 bln- Bloomberg News (updated)

MSP Recovery

12/07/2021 07:16

(Adds details from Bloomberg report)
    July 12 (Reuters) - MSP Recovery has agreed to go public
through a merger with a blank-check company, giving the combined
company an enterprise value of $32.6 billion, Bloomberg News
reported on Monday.
    MSP, which specializes in recovery of Medicare and Medicaid
secondary payments, will merge with Lionheart Acquisition Corp
II  LCAP.O  and the deal could be announced as early as Monday,
the report said https://bloom.bg/3kcpJGb, citing sources.
    MSP and Lionheart did not respond to Reuters requests for
comment outside of business hours.
    According to the Bloomberg report, MSP's existing executive
team, led by Chief Executive Officer John Ruiz, will manage the
combined company. 
    Former Lionheart stockholders who do not redeem shares of
its common stock will be issued 1 billion warrants in connection
with the merger, the report said.
    MSP's founders will sell an equivalent number of their
shares back to the company so that the provision won't dilute
the stock's value, the report added.

 (Reporting by Sneha Bhowmik and Juby Babu; Editing by Shailesh
Kuber)
 ((Sneha.Bhowmik@thomsonreuters.com;))