Social Capital SPAC led by billionaire Chamath Palihapitiya will merge with Clover Health in $3.7 billion deal

Social Capital Hedosophia Holdings Corp. III will merge with Medicare insurer Clover Health in a deal valuing the latter firm at $3.7 billion, according to a Tuesday press release.
The special-purpose acquisition company, or SPAC, led by billionaire Chamath Palihapitiya will use funds raised in its initial public offering to buy Clover Health and take the combined entity public.