The private equity-backed P3 Health Partners is going public in a multi-billion-dollar merger with a SPAC. P3 Health Partners is merging with Foresight Acquisition Corp. (NASDAQ: FORE), and the combined company will have an estimated post-transaction enterprise value of $2.3 billion with an estimated equity value of $2.4 billion from the contribution of at least $180 million in cash proceeds from the transaction. P3 Health Partners was a portfolio company of Chicago Pacific Founders, which is exiting its investment in the company.
P3 Health Partners is a patient-centered and physician-led population health management company that supports providers, physicians and practices as they shift from traditional volume-based models to value-based systems of care and wellness. P3 currently operates in 11 markets across four states and expects to add three to five new markets annually to drive 35% patient growth over the long term through a mix of payor and provider opportunities.
The transaction includes an over $200 million fully committed common stock private investment at $10 per share including participation from funds and accounts managed by Fidelity Management & Research Company LLC and Janus Henderson Investors. Upon closing of the transaction, the combined entity will be renamed P3 Health Partners and is expected to remain listed on the Nasdaq Capital Market.
J.P. Morgan Securities LLC acted as exclusive financial advisor to P3. Latham & Watkins LLP acted as legal advisor to P3. Greenberg Traurig, LLP acted as legal advisor to Foresight. Cowen and William Blair served as financial advisors to Foresight.