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Advent International Said to Hire Banks for Cotiviti IPO

  • JP Morgan, Goldman Sachs said to be working with buyout firm
  • Advent bought company, originally called Connolly, in 2012
Updated on

Advent International Corp., a Boston-based private equity firm, is planning an initial public offering of healthcare payments processing and auditing company Cotiviti Corp. said people familiar with the matter.

The buyout firm has hired JP Morgan Chase & Co. and Goldman Sachs Group Inc. as lead coordinators on the offering, along with five other banks, said the people who asked not to be identified because the information is private. The effort is likely to value the company at about $3 billion, one of the people said.