(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 here.
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.
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.
Source: Reuters – Cano Health nears $4.4 billion deal with Barry Sternlicht-backed SPAC