On 31 October 2024, the Turkish Competition Board unconditionally approved in writing the acquisition of Hargreaves Lansdown plc (LON:HL).
Hargreaves Lansdown is set to be acquired by Harp Bidco Limited, 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.
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. Under the terms of the acquisition, each HL Shareholder will be entitled to receive for each HL Share 1,140 pence in cash.
On 14 October 2024, HL announced that the Scheme had been approved by the requisite majority of Scheme Shareholders at the Court Meeting held on 14 October 2024 and the Special Resolution relating to the implementation of the Scheme had been approved by the requisite majority of HL Shareholders at the General Meeting also held on 14 October 2024.
Completion of the acquisition remains subject to the satisfaction of a number of conditions, including amongst other things, 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.
