{"id":1916,"date":"2020-07-13T10:50:56","date_gmt":"2020-07-13T14:50:56","guid":{"rendered":"https:\/\/bearamergers.com\/?p=1916"},"modified":"2020-07-13T10:50:56","modified_gmt":"2020-07-13T14:50:56","slug":"multiplan-and-churchill-capital-corp-iii-reach-agreement-to-combine","status":"publish","type":"post","link":"https:\/\/bearamergers.com\/en\/multiplan-and-churchill-capital-corp-iii-reach-agreement-to-combine\/","title":{"rendered":"MultiPlan and Churchill Capital Corp III Reach Agreement to Combine"},"content":{"rendered":"<div class=\"\">\n<header class=\"main-header visible-lg-block prnewswire\">\n<section class=\"nav-junior\">\n<div class=\"container\">\n<nav class=\"navbar navbar-junior\" aria-label=\"primary\">\n<div id=\"\" class=\"\"><\/div>\n<\/nav>\n<\/div>\n<\/section>\n<section class=\"nav-main\">\n<div class=\"container\">\n<nav class=\"navbar navbar-default\" aria-label=\"secondary\">\n<div class=\"navbar-header\"><\/div>\n<\/nav>\n<\/div>\n<\/section>\n<\/header>\n<\/div>\n<article class=\"news-release carousel-template\">\n<header class=\"container release-header\">\n<div class=\"row\">\n<div class=\"col-sm-10 col-sm-offset-1 col-xs-12 \">\n<p class=\"subtitle\">&#8211; Transaction Will Deliver Financial Flexibility to Fuel MultiPlan&#8217;s Significant Organic and Acquisition Growth Opportunities<\/p>\n<p class=\"subtitle\">&#8211; MultiPlan Brings Affordability and Fairness to the Healthcare System, Delivering Approximately $19 Billion in Medical Cost Reduction on over 135 Million Claims<\/p>\n<p class=\"subtitle\">&#8211; MultiPlan&#8217;s Value to Healthcare Payers Will Be Enriched by Three Key Growth Pillars: Enhancing, Extending and Expanding Capabilities and Services<\/p>\n<p class=\"subtitle\">&#8211; Current MultiPlan Management Will Continue to Lead the Company<\/p>\n<p class=\"subtitle\">&#8211; Transaction Includes $1.3 Billion Fully Committed Common Stock at $10 Per Share and $1.3 Billion Convertible Debt, Convertible at $13 Per Share<\/p>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-sm-10 col-sm-offset-1\">\n<hr \/>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-lg-6 col-lg-offset-1 col-sm-5 col-sm-offset-1\">\n<p class=\"meta\">NEWS PROVIDED BY<\/p>\n<p><a href=\"https:\/\/www.prnewswire.com\/news\/multiplan%2C-inc.%3B-churchill-capital-corp-iii\"><strong>MultiPlan, Inc.; Churchill Capital Corp III\u00a0<i class=\"btb bt-long-arrow-right\"><\/i><\/strong><\/a><\/p>\n<p class=\"mb-no\">Jul 12, 2020, 19:10 ET<\/p>\n<\/div>\n<div class=\"col-lg-4 col-sm-5\">\n<div class=\"social-share-circle pull-right hidden-xs\">\n<div class=\"social-links\">\n<ul class=\"list-unstyled\">\n<li style=\"list-style-type: none\">\n<ul class=\"list-unstyled\"><\/ul>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-sm-10 col-sm-offset-1 col-xs-12\">\n<hr \/>\n<\/div>\n<\/div>\n<\/header>\n<section class=\"release-body container \">\n<div class=\"row\">\n<div class=\"col-sm-10 col-sm-offset-1\">\n<p><span class=\"xn-location\">NEW YORK<\/span>,\u00a0<span class=\"xn-chron\">July 12, 2020<\/span>\u00a0\/PRNewswire\/ &#8212;\u00a0Churchill Capital Corp III (&#8220;Churchill&#8221;) (NYSE:\u00a0<a class=\"ticket-symbol\" href=\"https:\/\/www.prnewswire.com\/news-releases\/multiplan-and-churchill-capital-corp-iii-reach-agreement-to-combine-301091955.html#financial-modal\">CCXX<\/a>), a public investment vehicle, and MultiPlan, Inc. (&#8220;MultiPlan&#8221;), 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\u00a0<span class=\"xn-money\">$11 billion<\/span>\u00a0or approximately 12.9x estimated 2021 Adjusted EBITDA. The transaction will bring to MultiPlan up to\u00a0<span class=\"xn-money\">$3.7 billion<\/span>\u00a0of new equity or equity linked capital to substantially reduce its debt and fund new value-added services.<\/p>\n<\/div>\n<div class=\"col-sm-10 col-sm-offset-1\">\n<div class=\"gallery inline-carousel\">\n<div class=\"gallery-carousel-main flickity-enabled is-draggable\">\n<div class=\"flickity-viewport\">\n<div class=\"flickity-slider\">\n<div class=\"gallery-cell is-selected\">\n<figure>\n<div class=\"image lightbox-item \" data-src=\"https:\/\/mma.prnewswire.com\/media\/1213304\/Multiplan.jpg?p=publish\" data-asset-type=\"photo\" data-tweet-text=\"(PRNewsfoto\/Churchill Capital Corp III,Mult)\" data-asset-label=\"General\" data-twitter-share-url=\"https:\/\/mma.prnewswire.com\/media\/1213304\/Multiplan.jpg?p=twitter\" data-facebook-share-text=\"(PRNewsfoto\/Churchill Capital Corp III,Mult)\" data-facebook-share-url=\"https:\/\/mma.prnewswire.com\/media\/1213304\/Multiplan.jpg?p=facebook\" data-linkedin-text=\"(PRNewsfoto\/Churchill Capital Corp III,Mult)\" data-linkedin-share-url=\"https:\/\/mma.prnewswire.com\/media\/1213304\/Multiplan.jpg?p=linkedin\" data-social-source=\"PR Newswire\" data-download-url=\"https:\/\/mma.prnewswire.com\/media\/1213304\/Multiplan.jpg?p=publish\" data-sub-html=\"(PRNewsfoto\/Churchill Capital Corp III,Mult)\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"img-responsive carousel-item\" src=\"https:\/\/i0.wp.com\/mma.prnewswire.com\/media\/1213304\/Multiplan.jpg?w=1020&#038;ssl=1\" alt=\"\" \/><\/div><figcaption>(PRNewsfoto\/Churchill Capital Corp III,Mult)<\/figcaption><\/figure>\n<\/div>\n<div class=\"gallery-cell\">\n<figure>\n<div class=\"image lightbox-item \" data-src=\"https:\/\/mma.prnewswire.com\/media\/1213305\/Churchill_Capital_III.jpg?p=publish\" data-asset-type=\"photo\" data-tweet-text=\"(PRNewsfoto\/Churchill Capital Corp III,Mult)\" data-asset-label=\"General\" data-twitter-share-url=\"https:\/\/mma.prnewswire.com\/media\/1213305\/Churchill_Capital_III.jpg?p=twitter\" data-facebook-share-text=\"(PRNewsfoto\/Churchill Capital Corp III,Mult)\" data-facebook-share-url=\"https:\/\/mma.prnewswire.com\/media\/1213305\/Churchill_Capital_III.jpg?p=facebook\" data-linkedin-text=\"(PRNewsfoto\/Churchill Capital Corp III,Mult)\" data-linkedin-share-url=\"https:\/\/mma.prnewswire.com\/media\/1213305\/Churchill_Capital_III.jpg?p=linkedin\" data-social-source=\"PR Newswire\" data-download-url=\"https:\/\/mma.prnewswire.com\/media\/1213305\/Churchill_Capital_III.jpg?p=publish\" data-sub-html=\"(PRNewsfoto\/Churchill Capital Corp III,Mult)\"><\/div><figcaption>(PRNewsfoto\/Churchill Capital Corp III,Mult)<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<p><button class=\"flickity-prev-next-button previous\" disabled=\"disabled\" type=\"button\"><\/button><button class=\"flickity-prev-next-button next\" type=\"button\"><\/button><\/div>\n<div class=\"gallery-carousel-nav flickity-enabled is-draggable\">\n<div class=\"flickity-viewport\">\n<div class=\"flickity-slider\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/i0.wp.com\/mma.prnewswire.com\/media\/1213305\/Churchill_Capital_III.jpg?w=1020&#038;ssl=1\" alt=\"(PRNewsfoto\/Churchill Capital Corp III,Mult)\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-sm-10 col-sm-offset-1\">\n<p>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\u00a0<span class=\"xn-person\">Mark Tabak<\/span>, CFO\u00a0<span class=\"xn-person\">David Redmond<\/span>\u00a0and Chief Revenue Officer\u00a0<span class=\"xn-person\">Dale White<\/span>, will continue to lead the business, and Hellman &amp; Friedman affiliates (&#8220;H&amp;F&#8221;) will remain MultiPlan&#8217;s largest shareholder.<\/p>\n<\/div>\n<div class=\"col-sm-10 col-sm-offset-1\">\n<p>The capital from this transaction, combined with Churchill&#8217;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&#8217;s 1.2 million providers that serve them. Further, the transaction will better position MultiPlan to capitalize on the entire\u00a0<span class=\"xn-money\">$50<\/span>\u00a0plus billion total addressable market, rather than its current subset of\u00a0<span class=\"xn-money\">$8 billion<\/span>, organically and through M&amp;A.<\/p>\n<p><span class=\"xn-person\">Mark Tabak<\/span>, CEO of MultiPlan, stated, &#8220;I&#8217;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.&#8221;<\/p>\n<p><span class=\"xn-person\">Allen Thorpe<\/span>, Partner at Hellman &amp; Friedman, said, &#8220;MultiPlan&#8217;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.&#8221; He further added, &#8220;We are excited to join forces with the Churchill team and continue our partnership with MultiPlan to deliver value for its many customers.&#8221;<\/p>\n<p>&#8220;We are pleased to partner with MultiPlan to drive its next phase of growth. MultiPlan is on the right side of healthcare, significantly reducing costs to insurers, employers and consumers,&#8221; said\u00a0<span class=\"xn-person\">Michael S. Klein<\/span>, Chairman and CEO of Churchill. &#8220;MultiPlan has an unmatched, long-term track record of customer satisfaction and delivering high returns to investors. This transaction will enable the Company to enhance its capital structure and position it for substantial incremental growth. MultiPlan fits perfectly with Churchill&#8217;s core mission to provide intellectual and financial capital to power the growth of great, market leading companies who operate in attractive industries, and can succeed more rapidly in the public markets with increased capital and the benefit of Churchill&#8217;s Operating and Strategic Partners.&#8221;<\/p>\n<p>MultiPlan pioneered innovative and mission-critical transaction processing services for healthcare payers, including the industry&#8217;s largest independent preferred provider network, that reduce medical spend, improve payment accuracy and advance their competitive position. MultiPlan&#8217;s data- and technology-driven services leverage the Company&#8217;s 40 years of claim data, national reach, expansive provider network, strong relationships, innovative intellectual property and modern scale technology platform to create value for all stakeholders in the healthcare ecosystem. Further, MultiPlan brings affordability and fairness, delivering approximately\u00a0<span class=\"xn-money\">$19 billion<\/span>\u00a0in medical cost reduction on over 135 million claims \u2013\u00a0bringing savings to payers and consumers alike.<\/p>\n<p>Churchill Capital Corp III is a NYSE listed,\u00a0<span class=\"xn-money\">$1.1 billion<\/span>, equity growth investment company and is the third vehicle in the Churchill Capital group of companies. Churchill&#8217;s strategy is to identify and complete initial business combinations with unique, leading companies in growing industries that will be catalyzed by the growth capital and transparency of the public equity markets and will be enhanced by the experience and expertise of Churchill&#8217;s Operating and Strategic Partners, a group of leading\u00a0<i>Fortune<\/i>\u00a0500 CEOs with exceptional shareholder value creation track records who invest directly in Churchill and are committed to assist MultiPlan in its next phase of growth.<\/p>\n<p><b>Summary of Transaction<\/b><\/p>\n<p>Churchill will contribute up to\u00a0<span class=\"xn-money\">$1.1 billion<\/span>\u00a0of cash raised during its initial public offering in\u00a0<span class=\"xn-chron\">February 2020<\/span>. Further, additional investors have committed to participate in the transaction through PIPE commitments to a\u00a0<span class=\"xn-money\">$2.6 billion<\/span>\u00a0new private capital raise consisting of a\u00a0<span class=\"xn-money\">$1.3 billion<\/span>\u00a0common stock at\u00a0<span class=\"xn-money\">$10<\/span>\u00a0per share and\u00a0<span class=\"xn-money\">$1.3 billion<\/span>\u00a0of 6 percent interest convertible\u00a0debt, with a conversion price of\u00a0<span class=\"xn-money\">$13<\/span>\u00a0per share. The convertible debt provides flexible capital, including a non-cash pay option.<\/p>\n<p>The total investment of up to\u00a0<span class=\"xn-money\">$3.7 billion<\/span>\u00a0raised in this transaction will be used to pay down existing debt, purchase a portion of the equity owned by existing MultiPlan shareholders and capitalize the MultiPlan balance sheet.\u00a0As a result of this transaction, MultiPlan&#8217;s leverage will be significantly reduced and its existing Net Debt to Adjusted EBITDA ratio will be reduced from 6.8x to approximately 5.8x with its Net Debt to Adjusted EBITDA at the operating company level decreasing to 4.1x<sup>1<\/sup>. The additional capital and public stock currency will allow the Company to advance its strategy of investing in organic and acquisition growth, and to increase its investment in data, machine learning and artificial intelligence technologies.<\/p>\n<p>In connection with the transaction, Churchill&#8217;s sponsor has entered into an agreement to amend the terms of its founder equity to align with the long-term value creation and performance of MultiPlan. Churchill &#8216;s sponsor has agreed that a portion of its equity will vest only if the share price of the Company exceeds\u00a0<span class=\"xn-money\">$12.50<\/span>\u00a0per share over a period between the first and fifth anniversaries of the closing of the transaction, and have agreed not to transfer unvested equity.\u00a0Churchill has received commitments from its investors and the new PIPE investors for funding that is sufficient to close the transaction.<\/p>\n<p>The Boards of Directors of both Churchill and MultiPlan have unanimously approved the proposed transaction.<\/p>\n<p>The transaction is expected to be completed by the end of\u00a0<span class=\"xn-chron\">October 2020<\/span>, subject to approval by Churchill stockholders representing a majority of the outstanding Churchill voting power, the expiration of the HSR Act waiting period and other customary closing conditions.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>&#8211; Transaction Will Deliver Financial Flexibility to Fuel MultiPlan&#8217;s Significant Organic and Acquisition Growth Opportunities &#8211; MultiPlan Brings Affordability and Fairness to the Healthcare System, Delivering Approximately $19 Billion in Medical Cost Reduction on over 135 Million Claims &#8211; MultiPlan&#8217;s Value to Healthcare Payers Will Be Enriched by Three Key Growth Pillars: Enhancing, Extending and [&#8230;]\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-1916","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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