The Healthcare, Private Equity, and SPACs teams advised Cano Health, LLC in connection with its definitive merger agreement with Jaws Acquisition Corp. (NYSE: JWS), a special purpose acquisition company. Upon completion of the transaction, the combined company will operate as Cano Health, and will be listed on the New York Stock Exchange (NYSE) under the new ticker symbol "CANO." The transaction values Cano Health at an enterprise value of $4.4 billion and is expected to provide up to $1.49 billion in cash proceeds, including a fully committed PIPE of $800 million.
The transaction, which has been unanimously approved by the Boards of Directors of each Cano Health and Jaws Acquisition Corp., is subject to approval by Jaws Acquisition Corp.’s shareholders and other customary closing conditions. The transaction is expected to close in the second quarter of 2021.
Cano Health, ranked as the 6th fastest growing healthcare company in the country on the Inc. 5000 list, operates primary care centers and supports affiliated medical practices that specialize in primary care for seniors in Florida, Texas, Nevada, and Puerto Rico. As part of its care coordination, Cano Health provides high-touch population health management programs such as wellness activities, pharmacy services, home visits, telehealth, transition of care, and high-risk and complex care management.
Jaws Acquisition Corp., led by Chairman Barry S. Sternlicht and Chief Executive Officer Joseph L. Dowling, is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.
The Goodwin team was led by Chris Wilson, co-chair of the Healthcare practice; Jocelyn Arel and Dan Espinoza, co-chairs of the SPAC practice; and John LeClaire, co-chair of the Private Equity group.
Howard Cubell, Mark Burnett, James Mattus, Brian Fleming, John Quinn, Cusaj Thomas, and Arturo Cruz were part of the core M&A team.
Michael Minahan and John Mei were part of the core Capital Markets team.
For additional details on the transaction, read the press release.