CVC and GBL launch €10.7B bid to take Recordati private

CVC and GBL are not acting alone. Funds linked to the Abu Dhabi Investment Authority and the Canada Pension Plan Investment Board are also involved, while Recordati chairman Andrea Recordati is expect

A consortium led by CVC Capital Partners and Groupe Bruxelles Lambert (GBL) has launched a €10.7 billion all-cash tender offer to take Italian rare‑disease specialist Recordati private, the firms said in a move that would delist the company from Euronext Milan. The bid, submitted through Respighi BidCo, values Recordati at €51.29 per share ex‑dividend (€52.00 including the 2025 dividend balance) and comes with the declared support of controlling shareholder Rossini, which owns 46.82% of the company and has agreed to tender its stake.

Direct quote

"The consortium is offering €51.29 per share ex-dividend, or €52.00 including the 2025 dividend balance, through Respighi BidCo," the offer document states.

Context and details

The offer represents a 12.89% premium to Recordati's closing price on March 25, the day before CVC's interest became public, according to Reuters cited in the filing. The bidder group includes not only CVC and GBL but also funds linked to the Abu Dhabi Investment Authority (ADIA) and the Canada Pension Plan Investment Board (CPPIB). Recordati chairman Andrea Recordati is expected to roll his stake into the new ownership structure, the report said.

  • Transaction value: €10.7 billion
  • Per-share price: €51.29 ex‑dividend / €52.00 including 2025 dividend balance
  • Controlling shareholder Rossini stake: 46.82%
  • Recordati 2025 revenue: €2.62 billion; rare‑disease sales: €1.08 billion
  • Isturisa sales (2025): €262.8 million (up from €203.6 million in 2024)
  • GBL commitment: about €1.3 billion

Recordati’s financial profile underlines why the consortium has targeted the company: 2025 revenue rose 11.8% to €2.62 billion, while the rare‑disease unit reached €1.08 billion with like‑for‑like growth of 16.6% at constant exchange rates. The company’s Cushing’s syndrome drug Isturisa produced €262.8 million in sales in 2025, up from €203.6 million the prior year. As the source put it, "That is the kind of growth profile private equity likes: specialist products, clear medical need, and room for acquisitions."

Outlook

The consortium is pitching private ownership as a way to accelerate long‑term investment in research, licensing and M&A without the short‑term scrutiny of public markets. GBL’s roughly €1.3 billion commitment marks a significant step in its pivot toward private assets, while participation by sovereign and pension investors such as ADIA and CPPIB signals a willingness to pursue a longer holding period rather than a quick flip. The tender process is expected to conclude in late 2026, subject to regulatory approvals and achieving the acceptance threshold among minority shareholders, who must decide whether the 12.89% premium represents a fair cash exit or leaves upside on the table if Recordati remains listed.