MILAN (Reuters) - A consortium of investment funds controlled by CVC Capital Partners has agreed to buy 51.8 percent of Italian pharmaceutical group Recordati (RECI.MI) in a deal worth about 3 billion euros ($3.5 billion).
The consortium will acquire the majority of the Italian company from Recordati family financial holding FIMEI at a price of 28 euros per share, FIMEI said in a statement on Friday.
The buyers, which are required to launch mandatory tender offer for minority shareholders, have agreed to launch a cash offer at 28 euros for each Recordati share under certain conditions.
The deal follows similar transactions by Italian families, which have decided to loosen grips on their companies that they have controlled in bid to ease difficulties with succession.
“It was important to find a party that would allow Recordati to remain independent ... and accelerate its growth strategy as a leading global consolidator in the industry,” said Recordati CEO Andrea Recordati, who will continue to lead the Italian group and said he had reinvested in the company.
The 3 billion euro price will comprise 2.3 billion euros in cash and 750 million euros in subordinated long-term securities.
Reuters reported last month that CVC and the Recordati family were in talks for a possible acquisition, adding political uncertainty in Italy had frozen the talks.
The transaction between CVC and FIMEI is expected to be completed in the last quarter of this year. Jefferies acted as financial adviser to Recordati in the deal.
Reporting by Francesca Landini; Editing by Edmund Blair