Clover Health to go public via $3.7 billion deal with Social Capital

Insurance startup Clover Health will go public through a merger with blank-check firm Social Capital Hedosophia Holdings Corp III in a deal valued at $3.7 billion including debt, the company said on Tuesday.

The combined cash-and-stock deal includes a $100 million investment from venture capitalist Chamath Palihapitiya and $50 million from Hedosophia. Clover, whose investors include Alphabet Inc and Sequoia Capital, is expected to receive up to $728 million of the proceeds, with up to $500 million allocated to existing shareholders. Palihapitiya,.....

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