Processing timeline
28
days
Acquirer(s)
Respighi Bidco S.p.A Company number (Italy) - 14717940960
Target(s) or Vendor(s)
Recordati Industria Chimica e Farmaceutica S.p.A. / Recordati S.p.A. Company number (Italy) - 00748210150
Other parties
Groupe Bruxelles Lambert SA CBE number - 0407040209, CVC Capital Partners plc Registration number (Jersey) - 140080
Groupe Bruxelles Lambert SA and CVC Funds, via Respighi Bidco S.p.A., are acquiring joint control of global pharmaceutical group Recordati S.p.A. The transaction involves a voluntary tender offer for all outstanding shares, with Groupe Bruxelles Lambert SA holding approximately 30% in the acquiring entity.
The transaction concerns the proposed acquisition of joint control of Recordati S.p.A. ( Recordati ) by Groupe Bruxelles Lambert SA (together with its subsidiaries, GBL ) alongside the CVC Funds (defined below) through Respighi Bidco S.p.A. ( BidCo ) (the Acquisition ). Recordati is currently solely controlled by CVC Funds. The CVC Network is a global alternative investment manager focused on private equity, credit, infrastructure and secondaries, and includes CVC Capital Partners plc ( CVC plc ), each of its subsidiaries from time to time and the CVC Funds. CVC plc is listed on the Amsterdam Stock Exchange. As it relates to the CVC Network’s private equity activities, CVC plc indirectly, through certain of its subsidiaries from time to time, provide investment advice to and/or manages investments on behalf of certain funds and investment vehicles (the CVC Funds ). GBL is a publicly listed investment holding company headquartered in Brussels. GBL invests in global companies operating in various sectors, mainly headquartered in Europe, and relies on a stable and supportive family shareholder base. Headquartered in Milan, Recordati is an international pharmaceutical group dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Recordati has operations throughout the whole of Europe, Turkey, North Africa, the US, Canada, Mexico, South America, Japan, Australia, New Zealand, China and South Korea. Recordati offers a range of pharmaceuticals across two segments: (i) Specialty & Primary Care and (ii) Rare Diseases. Recordati also produces several active ingredients and intermediates in its two pharmaceutical chemical production plants. These are mainly used in the production of some of the key products in the portfolio, but in part are also sold externally to other pharmaceutical companies. CVC has established BidCo to launch a voluntary tender offer over all outstanding Recordati shares. BidCo is wholly and indirectly owned by Respighi Topco Sarl ( TopCo ). Following the Acquisition, GBL will have a shareholding of approximately 30% (subject to change but will not amount to 50% or more) in TopCo with the acquiring CVC Funds holding the remainder, subject to a small amount of shares held by Mr Andrea Recordati.