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Cano Health to list via $4.4 billion merger with Barry Sternlicht-backed SPAC

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Healthcare provider Cano Health LLC will be taken public through a merger with a blank-check company backed by real estate investor Barry Sternlicht, in a deal worth $4.4 billion deal, including debt, the companies said on Thursday.

was listed on the New York Stock Exchange in May.

A SPAC is a shell company that uses IPO proceeds to buy another company, typically within two years, in a merger that will take the acquired company public. Investors are not notified in advance on what company the SPAC will buy. SPACs have emerged as a popular IPO alternative for companies this year, providing a path to going public with less regulatory scrutiny.

 

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