Fried Frank acted as counsel to Goldman Sachs as financial advisor to Cotiviti Holdings, Inc. (NYSE:COTV) in its US$4.9 billion cash acquisition by Verscend Technologies, a portfolio company of Veritas Capital and a leader in data-driven healthcare solutions. Cotiviti is a leading provider of payment accuracy and analytics-driven solutions focused primarily on the healthcare industry. Under the terms of the agreement, Cotiviti shareholders will receive US$44.75 in cash per share of Cotiviti common stock, and Verscend will assume all of Cotiviti's outstanding debt, resulting in an enterprise value of approximately US$4.9 billion. The combined business will operate as a private healthcare information technology company with unique, data-driven capabilities. The transaction, which was unanimously approved by Cotiviti's Board of Directors, is expected to close during the fourth quarter of 2018, subject to the approval of Cotiviti shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.
The Fried Frank team was led by corporate partner Philip Richter and included corporate special counsel Brian A. Blitz.