KKR, TPG Show Interest in CVC's Controlling Stake in Recordati, Bloomberg Reports

Dow Jones06-18

--Private-equity groups KKR and TPG made preliminary proposals to acquire part or all of CVC Capital Partners' controlling stake in Milan-listed Recordati, which has a market value of $10.6 billion, Bloomberg reports, citing unnamed sources.

--CVC, which bought its 51.8% holding in the Italian pharmaceutical company in 2018 from the founding family for about $3.2 billion, also received interest from Italy's Angelini Pharma and at least one Abu Dhabi sovereign wealth fund, according to Bloomberg.

--Negotiations are at an early stage and any deal is unlikely to be reached soon, Bloomberg reports.

--CVC declined to comment and the other companies didn't immediately respond to requests for comments when approached by Dow Jones Newswires.

Full story: https://shorturl.at/h17iY

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

June 18, 2024 03:40 ET (07:40 GMT)

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