Hargreaves Lansdown Merger Approved by Shareholders

Hargreaves Lansdown Merger Approved by shareholders, signaling a major step forward in the acquisition by CVC and Nordic Capital, with final court approval pending. Hargreaves Lansdown plc (LON) announced the outcome of a general meeting held earlier today with its shareholders.

The purpose of the meeting was to vote on the proposed acquisition by Harp Bidco Limited, a newly established 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.

Hargreaves Lansdown Merger Approved, Awaiting Final Court Approval

HL revealed that shareholders convened both the Court Meeting to consider and approve the Scheme, and the General Meeting to pass the Special Resolution related to the acquisition. They achieved the required majorities as follows:

• Scheme Shareholders voted to approve the Scheme at the Court Meeting; and
• HL Shareholders voted to approve the Special Resolution, which included the amendment of HL’s articles of association, to implement the Scheme at the General Meeting.

The Court Meeting and General Meeting outcomes successfully indicate that shareholders have fulfilled Conditions 2.1 and 2.2 of the Scheme Document. However, the Scheme is still subject to the sanctioning by the Court at a Court Hearing, expected to occur in the first quarter of 2025, as well as the satisfaction (or waiver) of certain other Conditions to the Scheme.

If the Court sanctions the Scheme and files the Court Order with the Registrar of Companies, the Scheme will become effective in the first quarter of 2025.

In conclusion, with the majority of Hargreaves Lansdown shareholders voting in favor of the acquisition by CVC and Nordic Capital, the proposed transaction has passed a significant milestone. While the approval of the Scheme by shareholders clears key conditions, the finalization remains contingent on the Court’s sanctioning and the fulfillment of other conditions. If all requirements are met, the acquisition will take effect in the first quarter of 2025, marking a pivotal change for Hargreaves Lansdown’s future.

For more broker reviews, visit: Broker Reviews.