Clover Health In Talks to Go Public Via Social Capital III
- Deal values the health-insurance startup at $3.7 billion
- ‘We need companies like Clover,’ Social Capital III CEO says
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Clover Health Investments Corp., an insurance startup backed by Alphabet Inc. and Sequoia, agreed to go public through a merger with Social Capital Hedosophia Holdings Corp. III, the latest in a wave of deals with blank-check companies to list shares on exchanges.
The deal values Clover at $3.7 billion, including debt, according to a statement Tuesday, confirming an earlier Bloomberg report. Clover will receive as much as $728 million, and $500 million more will be allocated to other Clover investors, the companies said.