A consortium of funds led by CVC and GBL have entered into binding agreements for the launch of a voluntary cash tender offer for all outstanding ordinary shares of Euronext Milan-listed global pharmaceutical company, Recordati, at an offer price of €52.00 (€51.29 per share plus the €0.71 2025 dividend), equivalent to €10.7bn (US$12.4bn).
Luxinva, a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA), CPP Investment Board Private Holdings, PSP Europe, StepStone, AlpInvest, MGG Strategic, CapSol and Andrea Recordati will invest alongside CVC and GBL.
Recordati is recognised for its portfolio of prescription and self-medication treatments across a range of therapeutic areas. The company has significantly accelerated its growth and profitability trajectory and substantially expanded its Rare Diseases platform, while strengthening its strategic positioning and long-term growth prospects through M&A and strategic licensing agreements.
A consortium led by CVC acquired the holding company that owned a majority interest in Recordati in 2018. The transaction was structured as a fully financed acquisition of the Recordati family’s holding company FIMEI for an enterprise value of €3.03bn. FIMEI owned 51.8% of Recordati, implying a 100% equity value for Recordati of €5.86bn. CEO Andrea Recordati invested alongside the consortium. In a strategic transaction, Rossini, under the control of CVC funds, sold 10.5 million ordinary shares in Recordati (approximately 5% of the share capital), at a value of roughly €600m.
In February, Recordati announced consolidated net revenue of €2.6bn for full year 2025 and EBITDA of €991m.
CVC and GBL are being advised by PedersoliGattai and Latham&Watkins as legal counsels and by FRM and EY as tax advisors. CVC is being advised by Goldman Sachs, Jefferies, JP Morgan and Mediobanca – Banca di Credito Finanziario and Deutsche Bank as financial advisors. GBL is being advised by Morgan Stanley as financial advisor. Rossini, the existing controlling shareholder of Recordati with a 46.8% stake, has been assisted by White & Case, as legal counsel.
Press release: CS-Congiunto_ENG.pdf
