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Latham Advises CVC and GBL Consortium on €10.7 Billion Cash Tender Offer for Recordati Aimed at Delisting from Euronext Milan
May 22, 2026
High-profile transaction represents the largest European pharma deal and largest leveraged buyout announced to date in 2026.
Latham & Watkins has advised a consortium of funds led by CVC Fund IX and an investment vehicle controlled by Groupe Bruxelles Lambert (GBL) on the entry into binding agreements for the launch of a cash voluntary tender offer on all ordinary shares of Recordati S.p.A. at an offer price of €51.29 per share. The offer, to be made through a newly incorporated Italian joint stock company, is aimed at securing the delisting of Recordati from Euronext Milan. Recordati is a leading international pharmaceutical group, recognized for its strong portfolio of established prescription and self-medication treatments across a range of therapeutic areas.
A multi-jurisdictional Latham team advised the buying consortium on the corporate, financing, regulatory, antitrust, and life sciences implications of the transaction. The CVC Latham team was led by London corporate partners Robbie McLaren and Suneel Basson-Bhatoa, with associates Amber Tope, Nick Fisher, and Kat Yeung, and the GBL Latham team was led by Paris/London corporate partner Thomas Forschbach, London and Milan corporate partners Maarten Overmars, Antonio Coletti, Stefano Sciolla, and Giovanni Sandicchi, with counsel Federico Amoroso, and associates Alice Drayton, Erik Teijgeler, Océane Loureiro, Yasmine Houichi, Timilehin Afolami, Lorenzo Rovelli, and Matteo Gellera.
Advice was also provided to the buying consortium on finance matters by London partners Charles Armstrong and Julie Van der Meersche, and Milan partners Marcello Bragliani and Erika Brini Raimondi, with associates Francesca Parisini, Charlotte Hoggarth, Alexander David Law, Nicola Dall'Acqua, and Khayam Amin; on capital markets matters by Milan partner Paolo Bernasconi and London partner Francesco Lione, with associates Yao Lin, Filippo Turci, and Michele Vangelisti; on healthcare and life sciences matters by London partner Lydia Torne, with London counsel Oliver Mobasser and Paris partner Eveline Van Keymeulen, with associates Jeanne Fabre and Grégoire Paquet; on environmental matters by Milan partner Cesare Milani and London partner Michael Green, with associate Telmo Iriondo; on tax matters by London counsel Amy Watkins; on antitrust matters by Brussels partners Philipp Studt, Tomas Nilsson, and Luca Crocco, with associates Alicja Klosok and Mario Barka; on regulatory matters by London counsel Thomas Lane; and on white collar matters by London partner Pamela Reddy, with associate Gregory Slevin. Advice was also provided to GBL on antitrust matters by London partner Stephanie Adams and London/Brussels partner David Little, with associates Allesia Varieschi, Oscar Hayward, and Riccardo Danelli; and on tax matters by London partner Simon Skinner.