Neuberger and KKR to buy minority stake in Datavant

Funds managed by Neuberger Capital Solutions and Neuberger Private Markets, along with investment funds managed by KKR (NYSE: KKR), have agreed to acquire a significant minority stake in Datavant, a healthcare data platform. New Mountain Capital, which has held an investment in Datavant since 2014, will retain its control position in the company, according to a press release.

KKR is investing primarily through its Strategic Investments Group. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions. Financial terms were not disclosed.

Datavant operates a health data network that the company says reaches more than 80,000 providers, 75 of the top 100 health systems, and more than 350 ecosystem partners. The company states its data touches 90% of the U.S. population and 80% of Medicare Advantage plan participants.

Datavant CEO Kyle Armbrester said in a statement: "We were deliberate in choosing the best strategic partners for our business, who align with our mission and believe strongly in our long-term vision."

Blaine MacDougald, Partner and Co-Head of KKR's Strategic Investments Group, said the firm has "tremendous conviction in Datavant's differentiated model, strong market position, and the mission critical role that it plays within the healthcare industry."

David Lyon, Head of Neuberger Capital Solutions, described Datavant as "deeply embedded across providers, payers, and life sciences, with a scaled data network that would be difficult to replicate."

J.P. Morgan Securities served as sole placement agent and lead financial advisor to Datavant, with Jefferies and Wells Fargo also serving as financial advisors. Ropes & Gray served as legal advisor to Datavant and New Mountain Capital. Latham & Watkins served as legal advisor to Neuberger and KKR.

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