Pharma BD Deal Intelligence
A consortium led by CVC Fund IX and Groupe Bruxelles Lambert signed binding agreements to launch, through newly incorporated Italian company Respighi BidCo S.p.A., a voluntary public cash tender offer for all ordinary shares of Recordati S.p.A. at EUR 51.29 per share ex-dividend (EUR 52.00 cum-dividend), valuing the company at approximately EUR 10.7 billion (about USD 12.4 billion) and aimed at delisting Recordati from Euronext Milan. The price is a 12.89 percent premium to the undisturbed share price of 25 March 2026, the day before Recordati disclosed CVC's non-binding approach. Rossini Sarl, Recordati's controlling shareholder (CVC-controlled), committed all 97,912,463 shares it holds, representing 46.82 percent of share capital. CPP Investments took a minority position in the consortium. Closing was expected during Q4 2026. Reported as the largest European pharma deal and largest leveraged buyout announced in 2026 to that date.
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