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Ropes & Gray Represents GIC in MultiPlan Inc. Transaction

Practices: Private Equity, Mergers & Acquisitions, Tax

Ropes & Gray represented GIC, Singapore's sovereign wealth fund, in connection with MultiPlan Inc.’s proposed merger with Churchill Capital Corp. III. The transaction was announced on July 12. The press release is here. GIC is a current investor in MultiPlan.

The combined company will operate as MultiPlan and be listed on the New York Stock Exchange. The transaction implies an initial enterprise value for MultiPlan of approximately $11 billion or approximately 12.9x estimated 2021 adjusted EBITDA. The transaction will bring to MultiPlan up to $3.7 billion of new equity or equity linked capital to substantially reduce its debt and fund new value-added services.

Churchill Capital Corp III is a NYSE-listed $1.1 billion equity growth investment company and is the third vehicle in the Churchill Capital group of companies.

The Ropes & Gray team that represented GIC was led by private equity partner Anthony Norris (New York), and included private equity counsel Christopher Parsons (New York), mergers & acquisitions partner Craig Marcus (Boston) and tax partner Daniel Kolb (Boston).

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