UK funding agency Hargreaves Lansdown agrees to $6.9 billion takeover by CVC consortium

British investment firm Hargreaves Lansdown said on Friday it had agreed to a takeover offer equivalent to £5.4 billion ($6.9 billion) by a group of investors including CVC Group.

Abu Dhabi’s sovereign wealth fund and private equity investor Nordic Capital is also part of the consortium.

Hargreaves Lansdown shareholders will get 1,110 British pence per share and a dividend of 30 pence per share under the deal, the company said.

Hargreaves Landsdown Chair Alison Platt said in a statement that the offer “represents an attractive opportunity for HL Shareholders.”

Meanwhile, Pev Hooper from CVC Private Equity Group, Emil Anderson from Nordic Capital Advisors and Hamad Shahwan Aldhaheri from the Abu Dhabi Investment Authority added that Hargreaves Landsdown “requires substantial investment in an extensive technology-led transformation to improve HL’s proposition and resilience, and to drive the next phase of HL’s growth and development.”

“We look forward to partnering with HL’s management to accelerate its transformation plan – including investment in technology infrastructure, digital channels, and service enhancement – all with client value, service, speed of innovation, and HL’s clear purpose at the core,” they added.

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