1st Oct 2024 11:58
(Alliance News) - CVC Advisers Ltd on Tuesday said it has gained regulatory approvals for its planned acquisition of Hargreaves Lansdown PLC.
Hargreaves Lansdown, the Bristol-based wealth management platform, in August had accepted a GBP5.44 billion offer from a consortium of private equity buyers.
CVC said that on Friday, China's State Administration for Market Regulation said it will not conduct any further review of the planned acquisition.
The same day, the European Commission approved the planned buy by declaring it compatible with the internal market.
CVC added that earlier in September, the UK Competition & Markets Authority said that it required no further information.
The transaction is still subject to antitrust clearance from Swiss and Turkish authorities.
A consortium, made up of CVC Private Equity Funds, Nordic Capital XI Delta and Platinum Ivy B 2018 RSC Ltd, a wholly owned subsidiary of the Abu Dhabi Investment Authority, have agreed to pay 1,140 pence per share cash for each Hargreaves Lansdown share.
This includes a dividend of 30p per Hargreaves Lansdown share in respect of the financial year to June 30.
Hargreaves Lansdown shares were down 0.1% at 1,113.50 pence each late on Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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