Clover Health, Alphabet Inc. And an insurance startup, backed by Sequoia, is in advanced discussions to be announced through a merger into a Corey-Czech company Social Capital Hedosophia Holdings Corp. III, according to those familiar with the matter.
The deal could be announced as soon as possible, people said, adding that they did not want to be identified because the information was private. Social Capital III, backed by venture capitalist Chamath Palihapitia and longtime investor Ian Osborne, raised 720 720 million in an initial public offering in April.
Negotiations are ongoing and may still be delayed or may fall, people said. Representatives from Clover Health and Social Capital III declined to comment.
Clover Health, in January 2019, raises about 500 500 million in a round led by TechCrunch, current investor Greenox Capital. Reported at the time. According to One, the startup offers Medicare Advantage plans in 34 counties in seven states in the U.S. Press announcement In July. It plans to expand its pay coverage to another 74 counties.
The partnership between Social Capital, Palihapitia and Osborne, formed its first special purpose acquisition company in 2017. As its popularity for investment vehicles grows, so does its ings. SPAC provides a quick way for companies wishing to receive initial public offering fur verification or inventory without risks.
Partnership Wants to increase At least માટે 5 billion for three new blank-check companies last month, according to filings confirming a Bloomberg News report.
Another Corey-Czech company through the partnership is Social Capital Hedosophia Holdings Corp. II, Agree to merge Opendur last month with property technology. Social Capital’s first SPAC merged with billionaire Richard Branson’s space company to form Virgin Galactic Holdings Inc.
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