KKR in talks to buy stake in analytics firm Cotiviti in a deal valued at $11B: media report

13 Dec 2023
www.fiercehealthcare.com
Acquisition
KKR in talks to buy stake in analytics firm Cotiviti in a deal valued at $11B: media report
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Source: FierceHealthcare
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Private equity firm KKR & Co. is exploring a potential deal to buy a stake in healthcare analytics company Cotiviti from Veritas Capital, The Wall Street Journal reported Monday.
Cotiviti, an analytics company that focuses on payment accuracy solutions, was absorbed by Veritas-owned Verscend Technology for $4.16 billion in cash in 2018.
If the firms reach an agreement, the transaction’s potential valuation would rank it among the largest U.S. private-equity deals announced in the past year.
KKR is in discussions to buy a 50% stake in Cotiviti that would value the healthcare technology company at between $10 billion and $11 billion, WSJ reported, citing people with knowledge of the matter.
The potential deal marks Veritas' second attempt to sell a part of Cotiviti after a similar deal to Carlyle fell apart in April.
KKR and Veritas are seeking a private loan with a payment-in-kind structure that would allow the company to pay interest with more debt on the entire financing, Bloomberg reported.
Cotiviti developed data and analytics solutions focused on cost reduction, costs, quality improvement and regulatory compliance for providers and payers. The company works with more than 180 healthcare payers, including all of the top 25 plans in the United States, according to its website.
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