| View this email online The Wire Nov. 12, 2020 Cano Health unveils surprise $4.4bn SPAC merger, Muddy Waters wages war against H&F-backed MultiPlan Good morning! We’ve got another shocking SPAC announcement to talk about this morning. Cano Health, a primary care provider serving seniors in the Medicare Advantage market, has agreed to merge with Jaws Acquisition Corp., a SPAC sponsored by real estate investor Barry Sternlicht. The transaction values Cano at an enterprise value of $4.4 billion, implying a 3.1x multiple of estimated 2021 revenues of $1.45 billion, an announcement said. The deal includes an $800 million PIPE. ...Read the full Wire commentary on PE Hub. We hope you’re enjoying the new streamlined PE Hub Wire. For a more detailed version, we have launched a new premium version for our paying PE Hub subscribers that is ad-free and includes full editorial commentary and descriptions with each story. For more information about the Wire Premium, reach out to subscriptions@peimedia.com. Also of note (may require subscriptions) LP report: Download Buyouts’ debut quarterly investor report for a deeper look at how LPs are operating in today’s market. SPAC skeptic: The three-month surge in SPAC activity is fading, WSJ writes. Q&A: Forbes raises and answers 10 key questions about SPACs. PE Deals They said it “A business model that incentivises promoters to do something — anything — with other people’s money is bound to lead to significant value destruction on occasion....That’s even more true when a Spac buys a business from the fourth consecutive private equity group to have owned it. C’mon, man.” Muddy Waters writes in its attack against MultiPlan. Today's letter was prepared by Sarah Pringle. Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MORE Please visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC. London | New York | Hong Kong PEI Media Group Ltd is registered in England no.6135779 Registered office: 7th Floor, 100 Wood Street, EC2V 7AN To update your PE Hub email preferences, or to unsubscribe, click here. | 