Global law firm White & Case LLP has advised an investment consortium led by CVC Capital Partners, one of the world's leading private equity and investment advisory firms, and including PSP Investments and StepStone, on the acquisition from the Recordati family of the holding company that owns a 51.8 percent stake in the Italian pharmaceutical group Recordati.
The transaction is valued at approximately €3 billion (US$3.5 billion), representing a 100 percent equity value for Recordati of €5.86 billion, equivalent to €28.00 per share.
The members of the Recordati family will receive part of the consideration in the form of a deferred and subordinated long term debt security of €750 million. Andrea Recordati in his capacity as Chief Executive Officer will invest alongside the consortium.
Closing of the transaction is anticipated to take place in the last quarter of 2018 and is subject only to mandatory competition approvals. Following closing, in accordance with CONSOB rules, the consortium will make a mandatory tender offer to the remaining minority shareholders of Recordati.
Recordati is a global pharmaceutical group founded in Italy in 1926, and since 1984 it has been listed on the Milan Stock Exchange under the FTSE MIB index.
The White & Case team which advised the consortium on its acquisition was led by partners Michael Immordino (London & Milan), Ferigo Foscari, Leonardo Graffi (both Milan), Mike Weir and Steve Worthington (both London), associates Alessandro Seganfreddo, Alessandro Picchi, Andrea Pretti, Nicolò Miglio, Nicola L’Erario (all Milan), Joe Bradley, Elena Ruggiu and Victor Aberg (both London). White & Case has also advised CVC on the financing of the transaction with a team led by partners Michael Immordino (London and Milan), Iacopo Canino, Alessandro Nolet (both Milan), Martin Forbes and James Greene (both London), and associates Silvia Pasqualini (Milan) and Benjamin Morrison (London).
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