CVC and GBL Lead €10.73 Billion Bid to Take Recordati Private

Deep News05-22 18:20

A consortium led by CVC Capital Partners and Groupe Bruxelles Lambert (GBL) announced on Friday a cash offer to acquire and privatize the Italian pharmaceutical company Recordati. The transaction values Recordati at approximately €10.73 billion (about $12.47 billion).

The consortium has offered €51.29 per share. This price is slightly below Recordati's closing price of €51.70 on Thursday but represents a 13% premium over the share price before news of CVC's interest emerged in March. The consortium noted that when including the €0.71 per share dividend distributed to shareholders this week, the equivalent value per share reaches €52.

CVC, which is already the controlling shareholder of Recordati, had previously submitted a non-binding proposal to the company's board. The current agreement fulfills certain pre-conditions for the deal.

The investor group for this acquisition also includes the Abu Dhabi Investment Authority, the Canada Pension Plan Investment Board, PSP Investments Europe, GIC, MGG Strategic Investments, Capsool Capital, and Andrea Recordati personally.

The consortium stated that the aim of the acquisition is to delist Recordati from the Euronext Milan exchange and support the pharmaceutical company in expanding its rare disease drug business.

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