Key Takeaways
- • CVC and Groupe Bruxelles Lambert are leading a consortium of investment firms to acquire Italian pharmaceutical company Recordati SpA for €10.7 billion ($12.4 billion), taking the company private.
- • Law firms Latham & Watkins and PedersoliGattai are advising the funds on the transaction, indicating a complex, multi-jurisdictional deal structure requiring specialized legal counsel.
- • The deal values Recordati at approximately $12.4 billion, representing a significant take-private transaction in the European pharmaceutical sector.
- • The transaction demonstrates continued appetite from large PE and growth equity investors for mid-cap pharmaceutical assets in mature European markets.
Summary
CVC and Groupe Bruxelles Lambert announced on May 22, 2026, that they are spearheading a consortium of investors to acquire Recordati SpA, a publicly listed Italian pharmaceutical company, for €10.7 billion ($12.4 billion). The transaction will result in Recordati being delisted and taken private, marking a significant transaction in the European healthcare sector.
The deal structure involves multiple legal advisors, with Latham & Watkins and PedersoliGattai serving as lead counsel for the acquiring funds. The involvement of both firms suggests a complex transaction requiring expertise across multiple jurisdictions—Latham's global regulatory and M&A capabilities combined with PedersoliGattai's Italian legal expertise—typical of large cross-border acquisitions in the pharmaceutical sector.
Recordati, as a mid-cap European pharmaceutical company, represents an attractive platform for financial buyers seeking stable, cash-generative assets with established market positions. The €10.7 billion valuation reflects the strategic value of the company's portfolio and operations to the acquiring consortium. The participation of multiple investment firms alongside the lead sponsors indicates strong conviction in the investment thesis and demonstrates the depth of institutional capital available for large European transactions in the current market environment.
The deal structure involves multiple legal advisors, with Latham & Watkins and PedersoliGattai serving as lead counsel for the acquiring funds. The involvement of both firms suggests a complex transaction requiring expertise across multiple jurisdictions—Latham's global regulatory and M&A capabilities combined with PedersoliGattai's Italian legal expertise—typical of large cross-border acquisitions in the pharmaceutical sector.
Recordati, as a mid-cap European pharmaceutical company, represents an attractive platform for financial buyers seeking stable, cash-generative assets with established market positions. The €10.7 billion valuation reflects the strategic value of the company's portfolio and operations to the acquiring consortium. The participation of multiple investment firms alongside the lead sponsors indicates strong conviction in the investment thesis and demonstrates the depth of institutional capital available for large European transactions in the current market environment.
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