| 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.
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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.
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