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KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., agreed to buy a stake in Cotiviti to accelerate innovation and growth. The American investment firm is acquiring the asset from Veritas Capital Fund Management, L.L.C., a private equity company based in New York City.
KKR & Co. is set to invest $11 billion to acquire a stake in Cotiviti. This amount would be one of the most significant new PEF transactions. On Wednesday, Feb. 14, the company said that KKR and Veritas Capital will have equal shares in the health tech firm once the deal is completed.
Financing for the Deal
The acquisition will boost KKR's portfolio of healthcare analytics investments. According to Axios, the agreement will include $5 billion worth of loans that JPMorgan would manage.
This arrangement with a leading investment company is said to be a major win for the traditional banking sector, which has mostly been yielding buyout financing to private credit companies.
JPMorgan will help KKR with financing its Cotiviti acquisition through loans. In any case, the deal is expected to be completed within the second quarter of this year.
KKR and Veritas Capital's Plans
The Wall Street Journal reported that KKR and Veritas Capital's deal now ranks among the most extensive negotiations in recent times. This is because buyout firms have decelerated dealmaking after the Federal Reserve started marking up interest rates in 2022, making debt to fund acquisitions more expensive and challenging to secure.
Meanwhile, under the agreement, KKR and Veritas will also hand out considerable capital to help accelerate innovation while funding investments for growth. They may expand their business, introduce new product development, and work together on some tech-related opportunities.
"I am excited to continue our partnership with Veritas and welcome KKR as a new partner. Since initially partnering with Veritas in 2016, we have dramatically expanded our scale and enhanced our value proposition to our customers," Cotiviti's chairman, president, and chief executive officer, Emad Rizk, M.D., said in a press release. "I look forward to collaborating with both KKR and Veritas to leverage our highly differentiated solutions to improve the cost and quality within the healthcare system."
Photo by: Cotiviti Press Room
