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Hargreaves Lansdown PLC’s buyers on Friday said a deal to acquire the wealth management platform has received the backing of the Turkish Competition Board. The Bristol-based company accepted a deal in August worth £5.44 billion from a consortium comprising CVC private equity funds, Nordic Capital XI Delta and Platinum Ivy B 2018 RSC Ltd, part of Abu Dhabi Investment Authority. CVC Advisers Ltd, a UK Financial Conduct Authority-authorised entity and subsidiary of CVC Capital Partners, on Friday said the acquisition was unconditionally approved by the Turkish Competition Board this week but noted its completion remains contingent on the satisfaction of further outstanding conditions. These include both the court sanctioning the deal at the sanction hearing and the receipt of approval from the FCA for the change of control of regulated entities within Hargreaves Lansdown. The green light from the Turkish Competition Board follows on from the shareholder approval of both the deal and associated special resolution last month, CVC didn’t explain why Turkish approval was required for the deal. Shareholders are due to receive 1,140 pence per share in cash, including a 30p dividend from Hargreaves, as the firm is taken off of London’s stock market. Shares in Hargreaves were marginally lower at 1,087.76p on Friday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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