KKR North America Fund XIII SCSp, managed by KKR & Co. Inc. completed the acquisition of 50% stake in Cotiviti, Inc. from Veritas Capital Fund Management, L.L.C, managed by Veritas Capital Fund V, L.P.
May 30, 2024
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KKR North America Fund XIII SCSp, managed by KKR & Co. Inc. (NYSE:KKR) agreed to acquire 50% stake in Cotiviti, Inc. from Veritas Capital Fund Management, L.L.C, managed by Veritas Capital Fund V, L.P. on February 14, 2024. Paul Hastings LLP is advising the lead arrangers on the $5.6 billion financing for the investment by KKR. Veritas will further invest in Cotiviti with it's new fund Veritas Fund VIII leading to which, both KKR and Veritas will co-own the company. The transaction is expected to close in the second quarter of 2024, subject to customary closing conditions, including regulatory approvals. As of February 13, 2024, The European Commission approved the transaction. Colin Zelicof, Daniel A. Guerin, Jennifer S. Perkins, Adam Shapiro, Jason Kanner, Conor O'Muiri, Adam Kool, Michael Beinus, Nicole Washington, Charles B. Tanenbaum, Rohit A. Nafday, John Kleinjan of Kirkland & Ellis LLP acted as legal advisor and Jason Caron, Joseph Hudzik, and Bay Area of Latham & Watkins LLP acted as legal advisor to KKR & Co. Inc. J.P. Morgan Securities LLC acted as financial advisor to Veritas Capital Fund Management, L.L.C. Evercore Inc. (NYSE:EVR) and Barclays Capital Inc. acted as financial advisor to KKR & Co. Kenneth Wolff, June S. Dipchand, Michelle Gasaway, Genia Gokhmark, Kate Mathieu, David Passes, Leila Sayegh, Erica Schohn, Paul Schockett and Marissa A Smith of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Veritas Capital Fund Management, L.L.C.
KKR North America Fund XIII SCSp, managed by KKR & Co. Inc. (NYSE:KKR) completed the acquisition of 50% stake in Cotiviti, Inc. from Veritas Capital Fund Management, L.L.C, managed by Veritas Capital Fund V, L.P. on May 1, 2024.
KKR & Co. Inc. is an investment company, which offers alternative asset management as well as capital markets and insurance solutions. The Company's asset management business offers a range of investment management services to fund investors around the world. It operates in two segments: Asset Management and Insurance. The Asset Management business offers a range of investment management services to investment funds, vehicles and accounts (including Global Atlantic) and provides capital markets services to portfolio companies and third parties. The Insurance business is operated by Global Atlantic, which is a United States retirement and life insurance company that provides a suite of protection, legacy and savings products and reinsurance solutions to clients across individual and institutional markets. It offers individuals fixed-rate annuities, fixed-indexed annuities and targeted life products through a network of banks, broker-dealers and independent marketing organizations.
KKR North America Fund XIII SCSp, managed by KKR & Co. Inc. completed the acquisition of 50% stake in Cotiviti, Inc. from Veritas Capital Fund Management, L.L.C, managed by Veritas Capital Fund V, L.P.