Ashurst advises on £5.4bn recommended takeover of Hargreaves Lansdown

Global law firm Ashurst has advised Goldman Sachs International on the recommended offer by Harp Bidco Limited to acquire the entire issued, and to be issued, share capital of Hargreaves Lansdown.

Hargreaves Lansdown is a Bristol-based FTSE-listed investment platform founded four decades ago by Peter Hargreaves and Stephen Lansdown.

Bidco is a newly formed company to be indirectly owned by investment funds or vehicles advised or managed by CVC Private Equity Funds, Nordic XI Delta, SCSp (acting through its general partner, Nordic XI Delta GP SARL) and Platinum Ivy B 2018 RSC Limited.

Under the terms of the acquisition, Hargreaves Lansdown shareholders will be entitled to receive 1,140 pence in cash, comprised of cash consideration of 1,110 pence in cash and a dividend of 30 pence per share in respect of the financial year ended 30 June 2024.

It is intended that the acquisition will be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.

The Ashurst team was led by partners Tom Mercer and Tim Rennie, supported by senior associate Colin Bugler and associates Gareth Mair, Shashtika Sundar, Patrick Chambers, Lucy Mclaughlan, and solicitor-apprentice Matthew Hall. Counsel Darren Phelan and senior associate Connor Lovie also advised.