Milan, Italy, May 22, 2026
A consortium led by CVC Capital Partners IX and Groupe Bruxelles Lambert (GBL) has officially launched a €10.7 billion voluntary cash tender offer to acquire all outstanding shares of Recordati S.p.A., one of Europe’s leading pharmaceutical companies, in a move aimed at taking the company private and delisting it from Euronext Milan. The offer values Recordati at €51.29 per share, representing a significant premium over its previous market valuation and marking one of the largest healthcare-focused buyout deals in Europe this year.
Strategic Push to Expand Recordati’s Rare Disease Platform
The proposed acquisition comes as Recordati enters what investors describe as a “new phase of development,” with increasing focus on rare diseases, specialty pharmaceuticals, and strategic M&A expansion. According to the announcement, private ownership is expected to provide the company with the flexibility and long-term capital support needed to pursue larger acquisitions, expand research and development activities, and strengthen its international healthcare footprint.
Recordati, known globally for its portfolio of prescription medicines and self-medication products, has completed 16 strategic transactions since 2018, significantly expanding its rare disease business. The company has also strengthened leadership across key business divisions to support its next stage of growth. The consortium stated that increasing competition for high-value healthcare assets and rising R&D investment needs make a private ownership structure more suitable for long-term execution and innovation.
The transaction is being supported by several major global investors including entities linked to Abu Dhabi Investment Authority (ADIA), CPP Investments, StepStone, AlpInvest, and other strategic financial partners. Existing controlling shareholder Rossini S.à r.l., which currently owns approximately 46.82% of Recordati’s share capital, has irrevocably committed to tender all its shares into the offer.
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Offer Reflects Strong Confidence in Pharma Growth Potential
The consortium emphasized that the all-cash offer provides shareholders with immediate value while reducing exposure to ongoing macroeconomic and geopolitical uncertainty. The bid includes a 12.89% premium compared with Recordati’s undisturbed share price before initial takeover discussions became public in March 2026.
Under the proposed structure, CVC and GBL will operate as co-control investors, combining financial resources with long-term healthcare investment expertise. GBL described the deal as its largest healthcare investment to date, strengthening its growing portfolio in the healthcare sector alongside existing investments in healthcare services and MedTech businesses.
Industry analysts view the transaction as a major signal of continued investor confidence in the European pharmaceutical sector, particularly companies with strong rare disease pipelines and international commercial capabilities. The move also highlights increasing interest from private equity firms in healthcare assets capable of generating long-term growth through innovation-driven strategies and targeted acquisitions.
Delisting Process and Transaction Timeline
The tender offer is expected to close during Q4 2026, subject to regulatory approvals including antitrust and foreign investment clearances. The acquisition vehicle, Respighi BidCo S.p.A., intends to delist Recordati from the Italian stock exchange following successful completion of the transaction.
If completed, the deal will position Recordati for accelerated expansion under private ownership while allowing investors to pursue long-term operational and strategic initiatives without short-term public market pressures. The acquisition also reinforces the growing role of private capital in shaping the future of the global pharmaceutical industry.
Source: Recordati, CVC Capital Partners, Groupe Bruxelles Lambert press release
