Medicare Advantage startup Clover to go public in $3.7B deal

Clover Health, the Medicare Advantage startup that is working with Walmart, entered into a definitive agreement to become a publicly traded company through a merger with a special acquisition company.

The deal, announced Oct. 6, values Clover at roughly $3.7 billion. Social Capital Hedosophia Holdings Corp. is the company combining with Clover, and the transaction will provide significant capital for Clover to "improve health outcomes for seniors across the U.S.," according to a news release. 

Clover was founded in 2013 and serves more than 57,000 members in seven states. 

More articles on payers:
Walmart partners with Clover Health for 1st insurance plans: 4 things to know
Walmart Health COO outlines health insurance business: 5 things to know
22 payer exec moves in September

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