The proposed acquisition of a unit of Veritas Technologies by SoftBank and Sequoia Capital-backed Cohesity will be supported by $2.5bn in debt financing from JPMorgan Chase & Co after the bank beat off competition from private credit lenders, according to a report by CityWire.

The report cites unnamed sources with knowledge of the matter as confirming that a group of private credit firms including Oak Hill Advisors and Apollo Global Management had offered a rival finance package to the data management software company.

Cohesity's acquisition of the data protection business of Veritas Technologies will create a group with over $1.6bn in revenue based on the most recent fiscal year, with the transaction potentially valued at $3bn or more.