12 July 20214 minute read

DLA Piper advises Lionheart Acquisition Corp. II in US$32.6 billion SPAC deal with MSP Recovery

DLA Piper represented special purpose acquisition company (SPAC) Lionheart Acquisition Corp. II. in its agreement to merge with MSP Recovery LLC, a Medicaid and Medicare claims recovery specialist.

Following the close of the transaction, which is expected in the fourth quarter of 2021, MSP Recovery will trade on the Nasdaq under the symbol MSPR. The pro forma enterprise value of the combined company is approximately US$32.6 billion, and the transaction is anticipated to generate gross proceeds of up to approximately US$230 million, which will be used to fund operations and growth.

Founded in 2014, MSP Recovery has become a Medicare, Medicaid, commercial and secondary payer reimbursement recovery leader, providing data-driven solutions to secure recoveries against responsible parties and providing comprehensive compliance solutions for the healthcare industry.

“We were pleased to draw on our market-leading SPAC and M&A capabilities, as well as our in-depth healthcare sector experience, to facilitate this transaction for Lionheart,” said Steven Pidgeon, the DLA Piper partner who led the firm’s deal team. “This merger will enable the new combined company to further scale MSP’s impressive data analytics platform and continue improving the efficiency of the healthcare reimbursement system.”

In addition to Pidgeon (Phoenix), the DLA Piper team advising Lionheart included partners Joshua Kaye (Miami), Tom Geraghty (Chicago), and John Reed (Wilmington), and associates Michael Duval, Chris Provera, Sarah Wolf Reust, Sne Sadhu and Vincent Schiavoni (all of Phoenix).

With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex cross-border transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 11 consecutive years, according to Mergermarket. The firm advises on all elements of complex SPAC and other public M&A transactions, including M&A, tax and securities. DLA Piper has advised on more than 30 SPAC transactions, with an aggregate value of over US$20 billion, in the past three years.

The firm's Healthcare sector consists of a multidisciplinary legal team with niche experience in health-related business and legal issues. The team regularly works with corporations and financial institutions, private investors, private equity groups, venture capital funds, institutional investors and portfolio companies in all types of healthcare transactions.