Key Takeaways
- • CVC Capital Partners and Groupe Bruxelles Lambert (GBL) have together acquired 9.93% of Milan-listed Recordati and plan to take the company private at 53 euros per share, valuing it at above 11 billion euros, according to BeBeez.
- • UK activist Palliser Capital reportedly said the fair bid would have been 60 euros per share.
- • GSquare Healthcare Private Equity launched a take-private offer at 11.87 euros per share plus a possible 0.82 euro earn-out for Milan-listed Valtecne, with tendering closing on 27 November.
- • Banca CF+, an Elliott Investment Management portfolio company, signed an agreement to acquire VAT credits worth up to 1 billion euros over three years from an undisclosed international technology infrastructure operator.
- • Yeldo committed 1.8 million euros of preferential equity to the requalification of Genoa's Le Palm Hotel, targeting a 13% expected IRR.
Summary
CVC Capital Partners and Groupe Bruxelles Lambert (GBL) raised a combined 9.93% stake in Milan-listed Recordati and will take the company private at 53 euros per share, implying an equity value above 11 billion euros, according to BeBeez. UK activist investor Palliser Capital reportedly said the fair bid would have been 60 euros per share. Latham & Watkins advised CVC and GBL, who will finance the bid with senior secured high yield bonds of 6.05 billion euros and PIK toggle instruments worth 1.53 billion euros. White & Case advised the banks and private credit funds involved.
On 6 November, Banca CF+, a portfolio company of Elliott Investment Management that recently merged with Milan-listed Banca Sistema, signed an agreement to acquire VAT credits worth up to one billion euros over the next three years from an undisclosed international technology infrastructure operator currently investing in Italy. Iacopo De Francisco is CEO of Banca CF+ and Banca Sistema.
On 9 November, GSquare Healthcare Private Equity launched a take-private offer for Valtecne at 11.87 euros per share, with a possible earn-out of 0.82 euros. Tendering closes on 27 November and payment is scheduled for 4 December. GSquare had earlier acquired 81.84% of Valtecne from the Mainetti family for 59.32 million euros, on an equity value of 72.5 million and an enterprise value of 79.9 million. The buyers are financing the transaction with a 15 million euro senior bond maturing in 2033, subscribed by Muzinich, paying 5.50% over Euribor, and may use a shareholder loan of up to 13.2 million euros. BPER Banca guarantees the offer and Equita coordinates acceptances.
Shanghai-listed Jinko Power (HK) attracted 50 million euros in financing from SMBC and Intesa Sanpaolo, backed by a SACE guarantee, to develop renewable energy plants in Italy. Separately, Swiss real estate credit provider Yeldo will provide 1.8 million euros of preferential equity to support the requalification of Genoa's 2,100 square metre Le Palm Hotel, owned by Nima Immobiliare. The structure targets a 13% expected IRR and an estimated 44.3% ROI over 36 months, with investors paying tickets of at least 0.1 million euros and receiving returns ahead of Nima.
On 6 November, Banca CF+, a portfolio company of Elliott Investment Management that recently merged with Milan-listed Banca Sistema, signed an agreement to acquire VAT credits worth up to one billion euros over the next three years from an undisclosed international technology infrastructure operator currently investing in Italy. Iacopo De Francisco is CEO of Banca CF+ and Banca Sistema.
On 9 November, GSquare Healthcare Private Equity launched a take-private offer for Valtecne at 11.87 euros per share, with a possible earn-out of 0.82 euros. Tendering closes on 27 November and payment is scheduled for 4 December. GSquare had earlier acquired 81.84% of Valtecne from the Mainetti family for 59.32 million euros, on an equity value of 72.5 million and an enterprise value of 79.9 million. The buyers are financing the transaction with a 15 million euro senior bond maturing in 2033, subscribed by Muzinich, paying 5.50% over Euribor, and may use a shareholder loan of up to 13.2 million euros. BPER Banca guarantees the offer and Equita coordinates acceptances.
Shanghai-listed Jinko Power (HK) attracted 50 million euros in financing from SMBC and Intesa Sanpaolo, backed by a SACE guarantee, to develop renewable energy plants in Italy. Separately, Swiss real estate credit provider Yeldo will provide 1.8 million euros of preferential equity to support the requalification of Genoa's 2,100 square metre Le Palm Hotel, owned by Nima Immobiliare. The structure targets a 13% expected IRR and an estimated 44.3% ROI over 36 months, with investors paying tickets of at least 0.1 million euros and receiving returns ahead of Nima.
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