MultiPlan Inc. is merging with a special purpose acquisition company in an $11 billion deal that will take the health-care-services provider public, according to people familiar with the matter.
The company, currently owned by private-equity firm Hellman & Friedman, will merge with Churchill Capital Corp. III
, a SPAC run by former Citigroup Inc. banker Michael Klein that went public in a February initial public offering, the people said.
The transaction, the value of which includes debt, would infuse MultiPlan with up to $3.7 billion of new equity and convertible debt, including $700 million from existing investors and $2.6 billion from outsiders — among them sovereign-wealth funds, mutual funds and family offices, the people said. The company plans to use the new money for purposes including paying down debt, purchasing a portion of the current owners’ stake and funding its balance sheet.
It will continue to…