Rovi falls 4% on the stock market due to the possible sale of assets to CVC for 3 billion euros

September 10 () –

Rovi shares fell 4% on the stock market after it was revealed that British private equity fund CVC Capital Partners is in negotiations to buy the pharmaceutical company’s third-party manufacturing business for more than 3 billion euros.

Specifically, the pharmaceutical company led the falls on the Madrid index at 11:00 a.m., registering a 4% drop, leaving the share at 78.95 euros, according to market data consulted by Europa Press. Despite this drop, Rovi has accumulated a revaluation of more than 30% so far this year.

Going into the details of the day, it was learned on Tuesday that the CVC fund is in advanced negotiations for the acquisition of a majority stake in the third-party manufacturing business, an operation that could value the associated assets at more than 3 billion euros, according to ‘Expansión’ citing market sources.

It has also been reported that CVC is asking, as part of the negotiations, for Rovi to remain in the business as a minority shareholder, something that the Spanish company had not initially considered.

For its part, Rovi would use the funds obtained from the hypothetical sale to its traditional business, focused on the development of pharmaceutical specialties.

At the end of July, coinciding with the presentation of its half-year results, Rovi announced that it was continuing with the process of selling its manufacturing business to third parties, valued at around 3.5 billion euros, after acknowledging that it had received non-binding offers from several entities.

Initially, the entities interested in the deal were CVC, Cinven, KKR, Permira and Antin, although at present only CVC remains in the running after the rest of the entities withdrew from the process due to its complexity.