CVC and GBL launch €10.7bn voluntary tender offer to delist Recordati
Posted on May 27, 2026
A consortium of funds led by CVC Fund IX and Groupe Bruxelles Lambert (GBL) has announced the signing of binding agreements for the promotion, by a newly incorporated Italian joint-stock company, of a voluntary public tender offer (OPA) for all ordinary shares of Recordati. The transaction is aimed at achieving the delisting of the company from Euronext Milan, with a total value of €10.7 billion.
As part of the debt supporting the OPA, a primary alternative asset manager has committed to providing funds through a lending structure established pursuant to Law 130/99. This marks the first time that the securitisation technique has been utilised for financial commitments to support a market acquisition of shares.
A&O Shearman assisted in the operation, with a team managing the Law 130 lending structure led by partner Pietro Bellone, supported by senior associate Fabio Gregoris and trainee Luca Marchesini. Assistance regarding US law aspects was provided by a team comprising partner Bjorn Bjerke and counsel Sahar Kianfar. Counsel Elia Ferdinando Clarizia managed the tax profiles of the transaction.
