Cano Health’s $4.4 Billion SPAC Merger with Jaws Acquisition Corp.

On November 12, 2020, Cano Health, LLC (“Cano Health”), a leading value-based care delivery platform for seniors, and Jaws Acquisition Corp., a special purpose acquisition company (SPAC), announced that they have entered into a definitive merger agreement which values Cano Health at $4.4 billion and is expected to provide up to $1.49 billion in gross proceeds. Upon completion of the transaction, the combined company will operate as Cano Health and will be listed on the New York Stock Exchange. The transaction includes an $800 million private placement of common stock of the combined company. Cravath is representing certain shareholders, including members of Cano Health management, in connection with the transactions.

The Cravath team is led by partner Nicholas A. Dorsey and includes associates Matthew G. Jones, Jin-Kyu Baek, Rami Totari, Richard E. Schwartz and Carly J. Goeman on corporate matters; partner Lauren Angelilli and associates Andrew T. Davis and Kyle R. Jorstad on tax matters; and partner Eric W. Hilfers and associate Dixing Tang on executive compensation and benefits matters.