(Bloomberg) — Carlyle Group Inc. has ended its effort to buy a stake in health-care technology firm Cotiviti Inc., according to people with knowledge of the matter.
Most Read from Bloomberg
Veritas Capital began notifying its limited development partners on Tuesday, said one of the people, who asked not to be identified as discussing confidential talks. Carlyle attempted to negotiate a lower price before ultimately deciding not to move forward with the investment due to market conditions, another of the people said.
Representatives for Carlyle and Veritas declined to comment. A spokesperson for Cotiviti didn’t immediately respond to a request for comment.
Private credit firms including Apollo Global Management Inc., Blackstone Inc., HPS Investment Partners and Oak Hill Advisors had proposed a $5.5 billion financing package to back the transaction.
Fundraising for Carlyle’s flagship private equity strategy has progressed more slowly than expected, Bloomberg News reported last year. When asked about progress on that effort in February, Chief Financial Officer Curt Buser said the firm remained optimistic.
Read more: JPMorgan Plays Both Sides in Battle Over Cotiviti Buyout Loan
Most Read from Bloomberg Businessweek
©2023 Bloomberg LP