Orrick Advises SOC Telemed on SPAC Deal with Healthcare Merger Corp.

Orrick is advising SOC Telemed, one of the largest national providers of acute care telemedicine, on its merger with Healthcare Merger Corp. (NASDAQ: HCCO), a special purpose acquisition company or SPAC. The combined company will operate as SOC Telemed and will be listed on the Nasdaq. The transaction, expected to close in Q4, values SOC at approximately $720 million.

Institutional Investors, including funds and accounts managed by BlackRock Inc., Baron Capital Group, and ClearBridge Investments, among others, have committed to a PIPE investment of $165 million in common stock of the combined company that will close concurrently with the business combination. In addition, SOC's current management and equity holders, including Warburg Pincus, its majority shareholder, will roll a portion of their equity into SOC. The proceeds generated by the transaction will be used to pay down existing debt, purchase a portion of the equity owned by existing SOC shareholders, and capitalize the SOC Telemed balance sheet.