July 12 (Reuters) - MSP Recovery has agreed to go public through a merger with a blank-check company, giving the combined company an enterprise value of $32.6 billion, Bloomberg News reported on Monday.
MSP, which specializes in recovery of Medicare and Medicaid secondary payments, will merge with Lionheart Acquisition Corp II and the deal could be announced as early as Monday, the report said citing sources.
MSP and Lionheart did not respond to Reuters requests for comment outside of business hours.
According to the Bloomberg report, MSP's existing executive team, led by Chief Executive Officer John Ruiz, will manage the combined company.
Former Lionheart stockholders who do not redeem shares of its common stock will be issued 1 billion warrants in connection with the merger, the report said.
MSP's founders will sell an equivalent number of their shares back to the company so that the provision won't dilute the stock's value, the report added.
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