CVC Capital Partners is seeking co-investment partners to support its proposed €10.9bn takeover of Italian pharmaceutical company Recordati, according to a report by Bloomberg citing unnamed people familiar with the matter.
The firm has held early-stage discussions with a range of sovereign wealth funds and institutional investors, including Groupe Bruxelles Lambert, Abu Dhabi Investment Authority, GIC and Caisse de dépôt et placement du Québec, as it looks to syndicate part of the equity cheque for the deal.
The transaction would require an equity contribution in the region of €5.5bn to €6bn, positioning it among the largest leveraged buyouts in Europe in recent years. CVC is pursuing the acquisition through its latest flagship fund, which already holds a stake in the Milan-listed group.
Discussions remain at an early stage and there is no certainty that any co-investment arrangements will be finalised, with all parties declining to comment.
CVC made an offer last month to acquire Recordati at €52 per share, having previously explored alternative strategic options for its existing holding. If successful, the firm is expected to review portfolio optimisation opportunities, including potential divestments of non-core assets such as the company’s rare diseases division.
Founded in 1926, Recordati has evolved from a family-owned pharmacy business into a diversified pharmaceutical group with a focus on specialty and primary care, consumer health products and rare disease treatments. Its portfolio includes established therapies such as Zanidip for hypertension and Eligard for prostate cancer, alongside a chemicals division supplying active ingredients to the wider pharmaceutical industry.
