• Swindon & Wiltshire M&A, deals
• Monday August 12 2024
• Author Name: Peter Davison

Bristol’s Hargreaves Lansdown agrees £5.4 billion takeover

Finance firm Hargreaves Lansdown has agreed a £5.4 billion takeover by a private equity consortium.

On Friday, board members of the FTSE 100 company recommended the £11.40 per share offer, which requires shareholder approval.

The takeover by the consortium, which includes CVC Private Equity and Nordic Capital, means the firm will leave the London stock market.

An initial offer from the consortium of £9.85 per share was rejected earlier this year.

Founders Peter Hargreaves and Stephen Lansdown, who started the company in 1981, hold stakes worth around 20 per cent and 5.7 per cent respectively.

The firm has 2,400 staff, most of whom work from its flagship HQ on Bristol harbourside. The consortium has said it will keep the HQ in the city.

HL has 1.9 million customers with £155.3 billion of assets under administration.