- The Social Capital SPAC led by billionaire Chamath Palihapitiya is acquiring Clover Health in a $3.7 billion deal that’ll take the health insurance company public.
- In 2021, Palihapitiya projects the company will grow its membership roughly five times what it was this year.
- Clover Health president and chief technology officer Andrew Toy said that projected growth largely comes from the potential participation in a new Medicare program that’s yet to be finalized.
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Social Capital’s Chamath Palihapitiya is looking to acquire the health insurance company Clover Health via a SPAC.
The special-purpose acquisition company Social Capital Hedosophia Holdings Corp. III will merge with Clover in a $3.7 billion transaction that’s slated to close in 2021, the companies said in a statement.
Clover offers private health-insurance plans