Completed · Italy · Pharma and biotech
CVC and GBL take a majority stake in Recordati.
A consortium led by CVC Fund IX and Groupe Bruxelles Lambert settled its tender offer for Recordati, the Milan-based pharmaceutical group, on 2 November 2026; their Italian offer company Respighi BidCo now holds about 74.58% of the shares. The offer was announced on 22 May 2026 and the consideration paid for the shares tendered was about EUR 6.9 billion, at EUR 53.00 per share. The deal completed on 2 November 2026.
SigningDay 100
Announced 22 May 2026 · Day 100 on 10 February 2027
- Target
- Recordati S.p.A. ·Milan, Italy
- Type
- Majority stake
- Announced
- 22 May 2026
- Completed
- 2 November 2026
- Value
- about EUR 6.9 billion (EUR 53.00 per share)
- People
- Not stated in the release
- Last checked
- 3 November 2026
The people side in Italy
- In a business transfer involving more than 15 workers, seller and buyer give the unions written notice at least 25 days before completion or any earlier binding agreement. Law 428/1990, article 47
- If the unions ask in writing within seven days, seller and buyer open a joint examination within seven days; consultation ends after ten days without agreement. Law 428/1990, article 47
- A non-EU buyer taking control of an Italian company holding strategic assets, such as in energy, transport or communications, notifies the government within ten days; the government has 45 days to act. Decree-Law 21/2012 (golden power), article 2
- Where combined Italian turnover exceeds EUR 595 million and at least two parties each exceed EUR 36 million in Italy, the deal must be notified to the competition authority (AGCM). AGCM: Soglie di fatturato (turnover thresholds), updated 16 March 2026
- Where the deal needs EU merger clearance, the buyer may not implement it before clearance. EU Merger Regulation (Council Regulation (EC) No 139/2004), article 7
Sources
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