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Munnybunny
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Churchill Capital Corp (CCXX)

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Deze SPAC schoot vanochtend van $10 naar $20+ PM op merger nieuws.
Ik heb het even aangezien en ben nu ingestapt $11,11. Denk dat dit goede aankoop is LT.

MultiPlan to merge with Churchill Capital, go public in $11 billion deal
Published: July 12, 2020 at 6:56 p.m.
MultiPlan’s platform is used by health-insurance

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 CCXX, 1.90% , 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 be run by existing management, including longtime Chief Executive Mark Tabak, the people said.

MultiPlan’s platform is used by insurance companies such as UnitedHealth Group Inc. UNH, 3.96% and Cigna Corp. CI, 2.02% to find cost savings in health-care claims. MultiPlan estimates its algorithms find nearly $20 billion in medical cost savings annually. It takes a percentage of those savings as revenue, typically between 5 cents and 13 cents on the dollar.





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Munnybunny
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Re: Churchill Capital Corp (CCXX)

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Their institutional connections are all quite strong. For example, CCXX.U, the largest current SPAC and largest one in my basket of SPAC warrant ideas, is connected with Credit Suisse (CS). Their sponsors kicked in $23 million of their own money, a record among current SPACs.

https://www.google.com/amp/s/seekingalp ... q-and-hyac


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Re: Churchill Capital Corp (CCXX)

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Nu $12, volgende week mogelijks hoger.

Michael Klein's fourth SPAC Churchill Capital Corp IV files for a $1 billion IPO

Michael Klein's fourth SPAC Churchill Capital Corp IV files for a $1 billion IPO | NASDAQ

Churchill Capital Corp IV, the fourth blank check company founded by dealmaker and former Citi executive Michael Klein, filed on Tuesday with the SEC to raise up to $1.0 billion in an initial public offering.

The New York, NY-based company plans to raise $1.0 billion by offering 100 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed price, Churchill Capital Corp IV would command a market value of $1.3 billion.

The company is led by CEO and Chairman Michael Klein. Klein is the founder and Managing partner of strategic advisory firm M. Klein and Company, and currently serves as a director for Credit Suisse. Prior to that, he served various roles at Citi and Salomon Smith Barney from 1985 to 2008, most recently as Chairman and Co-CEO of Citi Markets and Banking. The company plans to target industries with compelling long-term growth prospects, opportunities to affect valuation improvements, attractive competitive dynamics, and consolidation opportunities. It plans to target businesses with competitive advantages, significant streams of recurring revenue, opportunity for operational improvement, attractive steady-state margins, high incremental margins, and attractive free cash flow characteristics.

Churchill Capital Corp IV comes on the heels of Klein's most recent SPAC, Churchill Capital Corp III (CCXXU; +15% from IPO), which IPO'd in February 2020 and recently announced an $11 billion merger agreement with healthcare management services provider MultiPlan. Churchill Capital Corp III raised $1 billion in the largest SPAC ever at the time; Bill Ackman's Pershing Square Tontine Holdings (PSTH.U) is set to beat that record, aiming to raise up to $4 billion.

Klein's other SPACs include Churchill Capital Corp II (CCX; +10%), which IPO'd in June 2019, and Churchill Capital Corp, which IPO'd in September 2018 and acquired Clarivate Analytics (CCC; +119%) in May 2019.

The New York, NY-based company was founded in 2020 and plans to list on the NYSE under the symbol CCIV.U. Citi is the sole bookrunner on the deal.

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Re: Churchill Capital Corp (CCXX)

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The Churchill Success Story

In January 2019, Churchill Capital Corp announced a merger with Clarivate Analytics Plc, a leading global provider of comprehensive intellectual property and scientific information, analytical tools and services. As part of the $4.2 billion transaction, Churchill Capital Corp chairman and former IHS Markit Ltd. Chairman and CEO Jerre Stead joined the Clarivate team and together they will pursue future organic growth and M&A opportunities.

“In January 2019, Churchill Capital Corp announced a merger with Clarivate Analytics (Clarivate), in a transaction valued at approximately $4.2 billion..."
“Clarivate is a leading global provider of comprehensive intellectual property and scientific information, analytical tools and services. The company’s products support the critical decisions made by universities, businesses, governments and law firms in the discovery, protection and commercialization of new and existing ideas and brands.

Clarivate common stock is traded on the NYSE under the symbol “CCC”.

The Clarivate acquisition provided CCC investors with an attractive investment opportunity that was characterized by an industry-leading, world-class management team with a history of creating significant shareholder value through superior operational performance, positive long-term trends in each of the Clarivate’s operating markets, significant organic and accretive growth opportunities, a clear path to meaningfully reduced balance sheet leverage, and a compelling valuation relative to its peers. Clarivate’s platform supports footprint expansion with new and existing customers and entry into new markets. In addition to already identified and existing opportunities (three tuck-in acquisitions closed by the date of the business consummation), the Churchill team will seek incremental acquisition targets and intends to increase EBITDA growth substantially through inorganic growth.

Investors in Churchill Capital Corp’s initial public offering who held the stock and warrants through May 13, 2019, the closing date of the initial business combination, saw a total return of approximately 51% and a 1.5x multiple on their invested capital over the 8 month hold period.

On May 20, 2019, Clarivate Analytics announced that Executive Chairman of the Board of Clarivate, Jerre Stead, will expand his role in the company and become Chief Executive Officer. Jay Nadler will transition from his role as CEO and member of Clarivate’s board of directors at the end of the second quarter and will serve as an advisor to the company through year-end. Jerre Stead has had a long and very successful career as a public company CEO generating value for investors including, over the last two decades creating a world leader and one of the fastest growing companies in the information services sector. He recently served as Chairman and CEO at IHS Markit, Ltd. and previously as Executive Chairman and CEO at IHS Inc. Mr. Stead currently serves as Executive Chairman of Clarivate.

https://churchillcapitalcorp.com/success/

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Re: Churchill Capital Corp (CCXX)

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Dit aandeel kan je blijkbaar niet overal kopen ?

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Re: Churchill Capital Corp (CCXX)

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canis schreef:
21 jul 2020 13:34
Dit aandeel kan je blijkbaar niet overal kopen ?
NYSE

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canis
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Re: Churchill Capital Corp (CCXX)

Bericht door canis »

Ja, maar niet beschikbaar bij Binck

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Munnybunny
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Re: Churchill Capital Corp (CCXX)

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canis schreef:
21 jul 2020 17:14
Ja, maar niet beschikbaar bij Binck
Mail sturen en vragen of ze de ticker willen toevoegen werkt altijd.

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Re: Churchill Capital Corp (CCXX)

Bericht door Munnybunny »

Warren Buffett's dealmaker closed the biggest 'blank-check' takeover ever this month. Here's why he may owe the Berkshire Hathaway chief for the deal.
Theron Mohamed
Jul. 21, 2020, 12:45 PM


Warren Buffett's dealmaker struck an $11 billion deal to acquire MultiPlan this month, marking the biggest "blank-check" takeover to date.
Former Citi banker Michael Klein got to know MultiPlan and its boss when he advised Buffett's Berkshire Hathaway on a potential purchase of the healthcare group in 2013, the Financial Times reported on Tuesday.
Klein's history with Buffett includes persuading him to invest in Dow Chemical in 2009, and helping to convince him not to pursue a takeover of Unilever by Kraft Heinz in 2017.
The Wall Street rainmaker's advisory team includes ex-Apple design chief Jony Ive, and Berkshire holds a $96 billion stake in Apple.

Warren Buffett's dealmaker recently struck the biggest "blank-check" takeover in history. He reportedly owes the Berkshire Hathaway chief for putting the target on his radar.

Michael Klein, a former Citi banker, closed the $11 billion acquisition of US healthcare group MultiPlan by his Churchill Capital III investment vehicle earlier this month.

Churchill Capital III is one of Klein's four SPACs, or special-purpose acquisition vehicles, which are designed to take companies public by acquiring or merging with them.
Klein advised Berkshire when it looked at acquiring MultiPlan in 2013, the Financial Times reported on Tuesday. The deal didn't happen, but Klein became familiar with both the company and CEO Matt Tabak during that period, the newspaper said.

Klein has worked with Buffett on several deals over the years. He persuaded the famed investor to buy $3 billion worth of Dow Chemical's preferred stock as part of the chemicals giant's $15 billion takeover of rival Rohm & Haas in 2009, according to Institutional Investor.

He also helped to convince Buffett to scrap Kraft Heinz's proposed $143 billion takeover of Unilever in 2017. The banker called the Berkshire chief to highlight political concerns around the deal and connect him with Unilever's boss, then Kraft Heinz pulled its offer hours later, CNBC reported.

Other connections to Buffett
Churchill Capital III is buying MultiPlan from Hellman & Friedman, which itself acquired the healthcare group from a division of CV Starr & Co, an insurance-and-investing conglomerate run by former AIG CEO Hank Greenberg that people have compared to Berkshire.
Klein's firm, Klein & Co, houses a group of experts called Archimedes Advisors. They include former Ford CEO Alan Mulally, ex-CBS chairman Joe Ianniello, and former Apple design chief Jony Ive, the Financial Times said.

Berkshire is one of Apple's biggest investors with a $96 billion stake. Buffett has described the tech giant as Berkshire's "third business" after insurance and railroads.

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