Digital health care company Sharecare announced its plans Friday to join the public markets through a merger with Falcon Capital Acquisition Corp., a special purpose acquisition company, or SPAC, backed by investment banker Alan Mnuchin, brother of former U.S. Treasury Secretary Steve Mnuchin. The combined company is expected to be valued at $3.9 billion with approximately $400 million in growth capital on the balance sheet.
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Sharecare co-founder Jeff Arnold, who previously founded WebMD, will continue to lead the combined company as chairman and CEO. Founded in 2010, Sharecare provides an easy-to-use digital platform that enables users to consolidate and manage various components of their health in one place.
The transaction is expected to close in the second quarter of 2021, at which time, Sharecare will be listed on Nasdaq under the ticker symbol SHCR.
Sharecare joins other health care companies in going public via SPAC. Talkspace, an online therapy company, said on Jan. 13 it would go public through a $1.4 billion merger with Hudson Executive Investment Corp., which is backed by Doug Braunstein.
Illustration: Li-Anne Dias
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