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8 June 20215 minute read

DLA Piper advises GigCapital2 in business combinations with UpHealth Holdings and Cloudbreak Health

DLA Piper represented GigCapital2, Inc., a special purpose acquisition company (SPAC) focused on the technology, media and telecommunications (TMT) industries, in its business combinations with UpHealth Holdings, Inc., one of the largest national and international digital healthcare providers, and Cloudbreak Health, LLC, a leading unified telemedicine and video medical interpretation solutions provider, to form a publicly traded, comprehensive global digital healthcare company.

As a result of the combinations, UpHealth and Cloudbreak became direct wholly owned subsidiaries of GigCapital2, which will be renamed UpHealth, Inc.

“We were pleased to bring together our market-leading M&A capabilities and our extensive experience advising SPACs on sophisticated transactions to assist GigCapital2 in completing these business combinations, the result of which is a leading healthcare company that is well equipped to bring significant and impactful changes to the future of healthcare through its digital platform,” said Jeffrey Selman, the DLA Piper partner who led the firm’s deal team.

“Being one of the most complex SPAC transactions that has been executed as of today, comprising the rollup of five companies concurrently into one holding company, and bringing to the SPAC combination closing a sixth company, where two Business Combination Agreements were executed in parallel, required the exceptional professional and dedicated skills of a top counsel like Jeffrey, which lined behind him a large and hardworking team of attorneys from DLA Piper. This is the foremost demonstration of the long-standing partnership of GigCapital Global and DLA Piper, and the combination closing was enabled by the exceptional talent, knowledge, professionalism and dedication of the DLA Piper team,” said Dr. Avi Katz, the Founding Managing Partner and Executive Chairman of GigCapital Global.

In addition to Selman (San Francisco), the DLA Piper team representing GigCapital2 included partners John Maselli, Brad Rock, Renee Delphin-Rodriguez (all of San Francisco), Ben Griebe, Jennifer Kristen Lee, SeoJung Park (all of Silicon Valley), Paolo Morante (New York), Kristi Kung (Northern Virginia) and Christina Houston (Wilmington); associate Barb Krause (Silicon Valley); and paralegal Kathryn Clamar (San Francisco).

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.

DLA Piper's global Technology sector lawyers work across practice areas and offices to support technology clients – from startups to fast-growing and mid-market businesses to mature global enterprises – doing business around the world.