BRIEF-Multiplan And Churchill Capital Corp III Reach Agreement To Combine

July 13 (Reuters) - Churchill Capital III Corp CCXX.N :

* MULTIPLAN AND CHURCHILL CAPITAL CORP III REACH AGREEMENT TO COMBINE

* TRANSACTION IMPLIES AN INITIAL ENTERPRISE VALUE FOR MULTIPLAN OF APPROXIMATELY $11 BILLION

* COMBINED COMPANY WILL OPERATE AS MULTIPLAN AND WILL BE LISTED ON NYSE

* CHURCHILL CAPITAL III - CURRENT MULTIPLAN MANAGEMENT WILL CONTINUE TO LEAD THE COMPANY

* DEAL WILL BRING TO MULTIPLAN UP TO $3.7 BILLION OF NEW EQUITY OR EQUITY LINKED CAPITAL TO SUBSTANTIALLY REDUCE ITS DEBT

* BOARDS OF DIRECTORS OF BOTH CHURCHILL AND MULTIPLAN HAVE UNANIMOUSLY APPROVED PROPOSED TRANSACTION

* DEAL INCLUDES $1.3 BILLION FULLY COMMITTED COMMON STOCK AT $10/EARNINGS PER SHARE AND $1.3 BILLION CONVERTIBLE DEBT, CONVERTIBLE AT $13/EARNINGS PER SHARE

Source text for Eikon: Further company coverage: CCXX.N