CVC Advisers Limited today provided an update regarding the proposed acquisition of Hargreaves Lansdown.
On 8 October 2024, the Swiss Competition Commission unconditionally approved the acquisition in writing.
Let’s recall that, on 9 August 2024, the HL Independent Directors and the board of directors of Bidco announced that they had reached agreement on the terms and conditions of a recommended final cash acquisition of the entire issued and to be issued ordinary share capital of HL by Bidco.
Harp Bidco Limited (“Bidco”) is a newly formed company indirectly owned by CVC Private Equity Funds, Nordic Capital XI Delta, SCSp (acting through its general partner, Nordic Capital XI Delta GP SARL) and Platinum Ivy B 2018 RSC Limited).
Completion of the acquisition remains subject to the satisfaction (or, where applicable, waiver) of the outstanding Conditions, which are set out in Part III (Conditions to and Further Terms of the Acquisition and the Scheme) of the Scheme Document. These include, amongst other things, the receipt or waiver of the Turkish Antitrust Clearance, the receipt of approval of the change in control of certain regulated entities within the HL Group by the FCA (or it otherwise being regarded under FSMA as having approved the same) and the Court sanctioning the Scheme at the Sanction Hearing.
Under the terms of the Acquisition, each HL Shareholder will be entitled to receive for each HL Share 1,140 pence in cash comprised of:
- cash consideration of 1,110 pence per HL Share (the “Cash Consideration”); and
- a dividend of 30 pence per HL Share in respect of the Financial Year ended 30 June 2024 (the “2024 Full-Year Dividend”).
