## KEY TAKEAWAYS
- CVC Capital Partners and Groupe Bruxelles Lambert (GBL) launched a €10.7 billion all-cash tender offer to take Italian pharmaceutical company Recordati private at €51.29 per share ex-dividend, representing a 12.89% premium to the company's prior valuation.
- The transaction values Recordati at approximately €10.7–10.9 billion (equivalent to $12.4–12.7 billion USD), with the offer directed at delisting the drugmaker from Euronext Milan.
- CVC Capital initially sought co-investors to help finance the acquisition, underscoring the scale of the deal and the consortium's strategy to distribute capital requirements across multiple parties.
- The all-cash structure and indiscriminate tender approach signal a straightforward acquisition path, with major legal advisors (Latham & Wise, White & Case) supporting the transaction mechanics.
- Recordati represents a significant bolt-on acquisition for CVC, consistent with the firm's European healthcare and specialty pharma investment thesis.
## DETAILED SUMMARY
CVC Capital Partners and Belgian investment group Groupe Bruxelles Lambert launched a €10.7 billion all-cash tender offer to acquire Italian pharmaceutical manufacturer Recordati, seeking to take the company private. The consortium fixed the offer price at €51.29 per share in cash on an ex-dividend basis, representing a 12.89% premium to Recordati's prior trading levels. The total enterprise value of the transaction ranges between €10.7 billion and €10.9 billion, equivalent to approximately $12.4–12.7 billion in U.S. dollar terms.
The tender offer was structured as a non-discriminatory, all-cash bid directed at all Recordati shareholders and aimed at achieving a delisting from Euronext Milan, where the company's shares are listed exclusively. CVC Capital initially pursued co-investors to co-finance the acquisition, reflecting the transaction's significant scale and capital intensity. Major international legal advisors, including Latham & Wise and White & Case, supported the consortium on transaction structuring and regulatory compliance.
The offer underscores CVC Capital's continued focus on European pharmaceutical and specialty healthcare assets. Recordati, as an established Italian drugmaker, represents a platform acquisition aligned with CVC's portfolio strategy in the pharmaceutical sector. The all-cash tender structure and premium valuation suggest both sponsors viewed the asset as strategically valuable and sought certainty of closing to secure shareholder acceptance.
