Latham & Watkins, PedersoliGattai, A&O Shearman and White & Case advise on €10.7bn voluntary tender offer (VTO) for Recordati by CVC and GBL consortium.

Recordati S.p.A. is the subject of a voluntary cash tender offer (offerta pubblica di acquisto, OPA) launched by a consortium led by funds managed by CVC Capital Partners and an investment vehicle controlled by Groupe Bruxelles Lambert. The offer, structured through a newly incorporated Italian joint-stock company (Respighi BidCo S.p.A.), values the transaction at approximately €10.7 billion and is aimed at securing the delisting of Recordati from Euronext Milan.

Recordati is a leading international pharmaceutical group with a diversified portfolio of prescription and self-medication treatments across multiple therapeutic areas.

The transaction is supported by a committed and multi-layered financing and advisory structure and remains subject to customary conditions.

Latham & Watkins advised the consortium of funds led by CVC Fund IX and GBL on the entry into binding agreements for the launch of the voluntary tender offer.

The Latham team advising CVC was led by London Corporate Partners Robbie McLaren and Suneel Basson-Bhatoa, with Associates Amber Tope, Nick Fisher, and Kat Yeung.

The GBL team at Latham was led by Paris/London Corporate Partner Thomas Forschbach, together with London and Milan Corporate Partners Maarten Overmars, Antonio Coletti, Stefano Sciolla and Giovanni Sandicchi, and Counsel Federico Amoroso, with Associates Alice Drayton, Erik Teijgeler, Océane Loureiro, Yasmine Houichi, Timilehin Afolami, Lorenzo Rovelli and Matteo Gellera.

PedersoliGattai acted as Italian counsel to the consortium led by CVC and GBL on the transaction.

A&O Shearman advised on the Law 130/99 securitisation-based financing structure supporting the tender offer.

The team was led by Partner Pietro Bellone, supported by Senior Associate Fabio Gregoris and Trainee Luca Marchesini. The firm also advised on US law aspects through Partner Bjorn Bjerke and Counsel Sahar Kianfar, and on tax aspects through Counsel Elia Ferdinando Clarizia.

White & Case advised Rossini S.à r.l. in connection with the voluntary public tender offer for Recordati.

The team was led by Partners Michael Immordino and Leonardo Graffi, together with Partner Alessandro Picchi and Associate Valerio Bianchi, advising on corporate and Italian securities law matters.