CVC and GBL Launch $12.4B Bid to Delist Italian Drugmaker Recordati
A consortium led by private equity firm CVC Capital Partners and Belgian investment group Groupe Bruxelles Lambert (GBL) has launched a €10.73 billion ($12.4 billion) takeover bid to delist Italian pharmaceutical company Recordati from the Euronext Milan stock exchange. The offer of €51.29 per share represents a 12.9% premium. CVC already holds a 46.8% stake. The consortium aims to take the 100-year-old company private, citing greater flexibility and efficiency. Co-investors include the Abu Dhabi Investment Authority and Canada’s CPP Investment Board.
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CVC Capital Partners and GBL Launch €10.73 Billion Bid to Take Recordati Private
CVC Capital Partners, in partnership with Groupe Bruxelles Lambert (GBL), has launched a €10.73 billion bid to take Italian drugmaker Recordati private. The bid is led by CVC's controlling stake through Fund VII, with participation from Fund IX and minority investors including Chairman Andrea Recordati. RBC Capital Markets analysts note the strategic rationale centers on Recordati's need for increased R&D spending and future M&A. ING analyst David Vagman views GBL's €1.3 billion investment as a good but risky move, given the high leverage and operational risks. Shares in Recordati fell 0.3%, while CVC and GBL both traded higher. The offer requires acceptance from at least two-thirds of Recordati's share capital.
Yahoo FinanceCVC and GBL Launch $12.5 Billion Bid to Take Recordati Private
CVC Capital Partners and Groupe Bruxelles Lambert (GBL) have announced a joint bid to take Italian drugmaker Recordati private, valuing the company at €10.73 billion ($12.47 billion). The offer follows an earlier takeover approach from CVC, which is Recordati's largest investor. If successful, the acquisition would rank among the largest healthcare deals in Europe in recent years. The news was reported by Yahoo Finance on May 23, 2026, citing a Wall Street Journal article.
Yahoo FinancePrivate Equity Consortium Led by CVC Launches €10.73 Billion Bid to Take Recordati Private
A consortium led by CVC Capital Partners and Groupe Bruxelles Lambert (GBL) has launched a €10.73 billion cash bid to take Italian pharmaceutical group Recordati private. The voluntary tender offer of €51.29 per share, plus a €0.71 dividend, values the transaction at an implied €52 per share, representing a 12.9% premium over the pre-rumor share price. CVC already holds a 46.8% stake through Rossini, which has agreed to tender its shares. The consortium must secure at least 66.67% of total share capital to execute a squeeze-out. Co-investors include the Abu Dhabi Investment Authority, Canada's CPP Investment Board, and current chairman Andrea Recordati. The deal aims to delist the 100-year-old company from Euronext Milan, allowing private equity to pursue rare-disease portfolios away from public market volatility. This is one of the largest healthcare buyouts in Europe in recent years.
Yahoo FinanceCVC consortium tables $12.4bn bid to delist Italian drugmaker Recordati
Private equity firm CVC Capital Partners and Belgian investment group Groupe Bruxelles Lambert (GBL) have launched a $12.4 billion (€10.7 billion) takeover bid to delist Italian drugmaker Recordati from the Italian stock exchange. The consortium, which already holds a controlling 46.8% stake in Recordati, is offering €51.29 per share, a 12.89% premium to the share price before the interest was revealed. The bid aims to take the company private, citing increased organizational flexibility and efficient decision-making. Recordati, founded in 1926, operates in over 150 countries and saw revenues rise 8.3% to €2.62bn in 2025, driven by its rare disease segment including Cushing's syndrome therapy Isturisa. The potential delisting is notable as Italy's largest drugmakers—Menarini, Chiesi Farmaceutici, and Angelini Pharma—are all privately owned. The Italian pharma industry has seen increased dealmaking in 2026, including Angelini's $4.1bn acquisition of Catalyst Pharmaceuticals and Chiesi's $2bn buyout of KalVista Pharmaceuticals.
Yahoo FinanceCVC Consortium Launches $12.4bn Takeover Bid to Delist Italian Drugmaker Recordati
Private equity firm CVC Capital Partners and Belgian investment group Groupe Bruxelles Lambert (GBL) have launched a $12.4 billion (€10.7 billion) takeover bid for Italian drugmaker Recordati, aiming to delist it from the Italian stock exchange. The tender offer is €51.29 per share, representing a 12.89% premium over Recordati's share price before the bid was first disclosed in late March. CVC already holds a controlling 46.8% stake in the company. The consortium stated that operating as a privately held company would provide Recordati with greater organizational flexibility and more efficient decision-making. Recordati, founded in 1926, operates in over 150 countries and saw revenues rise 8.3% to €2.62 billion in 2025, driven by its rare disease segment, including Cushing's syndrome therapy Isturisa. The potential delisting aligns with Italy's pharmaceutical landscape, where major players like Menarini, Chiesi, and Angelini are already privately owned.
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