LONDON (dpa-AFX) - The independent directors of Hargreaves Lansdown plc (HL.L) and the board of Harp Bidco Limited, or Bidco, have reached agreement on the terms and conditions of a recommended final cash acquisition by Bidco of the entire issued, and to be issued, ordinary share capital of HL. Each HL shareholder will be entitled to receive: for each HL share: 1,140 pence in cash comprised of: cash consideration of 1,110 pence per HL share; and a dividend of 30 pence per HL Share in respect of the financial year ended 30 June 2024. The cash offer values HL's entire issued, and to be issued, ordinary share capital at approximately 5.44 billion pounds on a fully diluted basis.
Harp Bidco Limited is a newly formed company to be indirectly owned by CVC Private Equity Funds, Nordic Capital XI Delta, SCSp and Platinum Ivy B 2018 RSC.
Dan Olley, CEO, said: 'It has been an eventful first 12 months, not least with the approach from the consortium which has today resulted in a firm and final offer for HL, with the Independent Board of HL intending to unanimously recommend the cash offer to shareholders.'
Separately, Hargreaves Lansdown (HL.L) reported that fiscal year profit before tax declined to 396.3 million pounds from 402.7 million pounds, prior year. Earnings per share was 61.7 pence compared to 68.2 pence. Underlying profit before tax increased to 456.0 million pounds from 438.8 million pounds. Underlying earnings per share was 71.0 pence compared to 74.3 pence. For the year ended 30 June 2024, revenue was 764.9 million pounds, up 4%.
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