Recordati Sells 5% Stake in €600 Million Deal with CVC Capital Partners
Deal News | Feb 21, 2025 | Legal Community Italy
In a strategic transaction, Rossini Sarl, under the control of CVC Capital Partners funds, has sold 10.5 million ordinary shares in Recordati Industria Chimica e Farmaceutica, totaling approximately 5% of its share capital, at a value of roughly €600 million. The sale was executed through an accelerated bookbuilding procedure aimed at qualified investors. In this process, White & Case LLP provided comprehensive legal assistance on U.S., English, and Italian law, with a diverse team led by partners from London, Milan, Luxembourg, and Brussels. Goldman Sachs Bank Europe SE and J.P. Morgan SE served as Joint Global Coordinators and Joint Bookrunners, while Deutsche Bank AG was also a Joint Bookrunner. Linklaters, with a multi-jurisdictional team, also participated in the legal advisory, led by partners Ugo Orsini and Pam Shores.
Sectors
- Pharmaceuticals
- Legal Services
- Financial Services
Geography
- Italy – Recordati is an Italian pharmaceutical company involved in this transaction.
- Europe – Various European offices of legal firms and banks were involved, including locations such as London, Milan, Luxembourg, and Brussels.
Industry
- Pharmaceuticals – This involves Recordati Industria Chimica e Farmaceutica, which operates in the pharmaceutical sector.
- Legal Services – Law firms such as White & Case and Linklaters played key roles in the transaction.
- Financial Services – Goldman Sachs and J.P. Morgan were involved as financial coordinators and bookrunners in this deal.
Financials
- €600 million – The approximate value of the shares sold, corresponding to 5% of Recordati's share capital.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Recordati Industria Chimica e Farmaceutica | Target Company | Company | An Italian pharmaceutical company whose shares were sold. |
| Rossini Sarl | Seller | Company | Controlled by CVC Capital Partners, Rossini Sarl sold the shares in the transaction. |
| CVC Capital Partners | Private Equity Firm | Company | The private equity firm controlling Rossini Sarl. |
| White & Case LLP | Legal Advisor | Company | Provided legal support for the seller covering U.S., English, and Italian law. |
| Linklaters LLP | Legal Advisor | Company | Provided multi-jurisdictional legal advisory services. |
| Goldman Sachs Bank Europe SE | Joint Global Coordinator and Joint Bookrunner | Company | Involved as a financial coordinator in the transaction. |
| J.P. Morgan SE | Joint Global Coordinator and Joint Bookrunner | Company | Involved as a financial coordinator in the transaction. |
| Deutsche Bank AG | Joint Bookrunner | Company | Participated as a bookrunner in the deal. |