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Cotiviti buyout to be largest ever for private credit

Carlyle Group’s proposed Cotiviti Inc deal, has attracted offers of support from Apollo Global Management, HPS Investment Partners and Blackstone to provide a $5.5 billion loan – the largest buyout financing ever arranged by private credit firms – to help finance the acquisition of the healthcare technology firm, according to a report by Bloomberg.

Carlyle Group’s proposed Cotiviti Inc deal, has attracted offers of support from Apollo Global Management, HPS Investment Partners and Blackstone to provide a $5.5 billion loan – the largest buyout financing ever arranged by private credit firms – to help finance the acquisition of the healthcare technology firm, according to a report by Bloomberg.

The proposed deal by Carlyle, which would involve teaming with another investment firm to acquire Veritas Capital-owned Cotiviti, values the business at nearly $15 billion, including the record private loan. 

If the deal progresses, the $5.5 billion loan would surpass the previous $5 billion private credit record set by a Blackstone-led group to support the take-private of Zendesk Inc by a PE consortium led by Hellman & Friedman and Permira.

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