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Verscend Technologies Inc., a portfolio company of private-equity firm Veritas Capital, said it has agreed to acquire Cotiviti Holdings Inc. for $4.9 billion in cash. Cotiviti provides payment services to the health care industry. The company's shareholders will receive $44.75 in cash for each Cotiviti share owned, equal to a 32% premium over the company's share price as of June 4. "Together, Verscend and Cotiviti will offer our clients a comprehensive, integrated end-to-end solution to address the estimated $900 billion in healthcare waste and abuse across the claims payment and care continuum," Verscend Chief Executive Emad Rizk said in a statement. The deal is expected to close in the fourth quarter. Cotiviti shares jumped 10% premarket and are up 28.3% in 2018, while the S&P 500 has gained 3.8%.
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