CVC and GBL secure 91.9% of Recordati, paving way for delisting

Published on November 10, 2026

Private equity firm CVC Capital Partners and Belgian investment group Groupe Bruxelles Lambert (GBL) have secured a 91.9% stake in Italian pharmaceutical company Recordati following the closure of their takeover offer, clearing the way for the €11bn business to be delisted, according to a report by Reuters.

The consortium's holding reportedly surpassed the 90% threshold required for delisting after additional shares were tendered on Monday, 9 November. CVC and GBL offered €53 per share, with the tender period closing at 16:30 GMT.

The 91.9% holding, calculated by Reuters using Borsa Italiana data, excludes any shares acquired by CVC or GBL on the market on the final day of the offer.

The transaction marks a significant take-private deal in the European pharmaceutical sector, with the consortium now positioned to complete Recordati's removal from the Milan stock exchange.

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