{"id":94718,"date":"2024-08-12T00:00:00","date_gmt":"2024-08-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/"},"modified":"2024-08-12T00:00:00","modified_gmt":"2024-08-12T00:00:00","slug":"adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/","title":{"rendered":"Adia consortium acquires Hargreaves in GBP 5.41 bn takeover"},"content":{"rendered":"

Adia, CVC and Nordic Capital now <\/strong>own<\/strong> Hargreaves: <\/strong>A consortium comprising Abu Dhabi Investment Authority\u2019s (Adia) subsidiary Platinum Ivy, private equity firm CVC Capital, and Sweden\u2019s Nordic Capital acquired 100% of UK Hargreaves Lansdown for GBP 5.4 bn after the investment firm accepted the consortium\u2019s final formal offer, according to a London Stock Exchange filing<\/a>. The consortium expects to close the takeover in 1Q 2025.<\/p>\n

Hargreaves co-founders gave the green light:<\/strong> Co-founders Peter Hargreaves and Stephen Lansdown, who together own a 25% stake in the firm, have both agreed to vote in favor of the offer.<\/span><\/p>\n

The details: <\/strong>The transaction will see Hargreaves\u2019 shareholders receive GBP 11.40 per share, representing a 54.1% premium over its closing price before the Adia-led consortium made its initial bid. The offering will also see the consortium pay out a GBP 0.30 per share dividend for Hargreaves last financial year, ending June 2024. The transaction also offers Hargreaves shareholders an option to roll over some or all of their shares into the consortium\u2019s acquisition vehicle, giving them maximum equity of 35%. Peter Hargreaves plans to reinvest half of his 19.8% stake, and will pocket the remaining GBP 535 mn, according to Reuters<\/a>, while Lansdown sold his entire 5.7% stake for GBP 309 mn.<\/p>\n

This was a long time coming: <\/strong>Hargreaves Lansdown granted<\/a> Adia and CVC Capital due diligence in July, after the consortium submitted a fourth bid following several rejections<\/a>, valuing it at around GBP 5.41 bn. Hargreaves\u2019 board said at the time it was willing to recommend the proposal. Investors had reportedly raised concerns over the fairness of the proposed takeover for Hargreaves\u2019 shareholders, with the main sticking point being the weeding out of funds that will be unable to retain their stakes in Hargreaves following its delisting from the LSE, the Financial Times reported earlier.<\/p>\n

Where\u2019s the money coming from?<\/strong> The consortium plans to finance part of the acquisition with a GBP 1.72 bn interim senior loan facility provided by a group of private credit funds, including Apollo Global Management and KKR & Co, Bloomberg<\/a> reports. <\/p>\n

The consortium wants Hargreaves to regain ground: <\/strong>\u201cThe company now 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,\u201d the consortium said, emphasizing the need to improve Hargreaves\u2019 competitive edge in the market. <\/p>\n

The story got plenty of ink in international press: <\/strong>Financial Times<\/a> | The Guardian<\/a> | Wall Street Journal<\/a> | The Independent<\/a> | CNBC<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

The consortium plans to finance part of the acquisition with a GBP 1.72 bn interim senior loan facility<\/p>\n","protected":false},"author":1,"featured_media":94719,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[368,7,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-abu-dhabi-investment-authority","tag-enterpriseam-uae","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"e9955a68-90bc-4e91-9106-8b5ffdb09f39","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/889.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Dhabi Investment Authority\u2019s consortium to snag Hargreaves in GBP 5.41 bn takeover","related_issue":[94712],"teaser":"The consortium plans to finance part of the acquisition with a GBP 1.72 bn interim senior loan facility","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.6b52ccf8-a9a3-4e96-b898-30c3e6fe0145.mp3"},"yoast_head":"\nAdia consortium acquires Hargreaves in GBP 5.41 bn takeover - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adia consortium acquires Hargreaves in GBP 5.41 bn takeover\" \/>\n<meta property=\"og:description\" content=\"The consortium plans to finance part of the acquisition with a GBP 1.72 bn interim senior loan facility\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-12T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/889.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Adia consortium acquires Hargreaves in GBP 5.41 bn takeover\",\"datePublished\":\"2024-08-12T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/\"},\"wordCount\":411,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/889.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Abu Dhabi Investment Authority\",\"EnterpriseAM UAE\",\"M&A WATCH\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/\",\"name\":\"Adia consortium acquires Hargreaves in GBP 5.41 bn takeover - UAE\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/889.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2024-08-12T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/889.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/889.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/uae\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Adia consortium acquires Hargreaves in GBP 5.41 bn takeover\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"name\":\"UAE\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\",\"name\":\"UAE\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42998.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42998.svg\",\"caption\":\"UAE\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Adia consortium acquires Hargreaves in GBP 5.41 bn takeover - UAE","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/","og_locale":"en_US","og_type":"article","og_title":"Adia consortium acquires Hargreaves in GBP 5.41 bn takeover","og_description":"The consortium plans to finance part of the acquisition with a GBP 1.72 bn interim senior loan facility","og_url":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/","og_site_name":"UAE","article_published_time":"2024-08-12T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/889.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Adia consortium acquires Hargreaves in GBP 5.41 bn takeover","datePublished":"2024-08-12T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/"},"wordCount":411,"publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/889.jpg?fit=%2C&ssl=1","keywords":["Abu Dhabi Investment Authority","EnterpriseAM UAE","M&A WATCH"],"articleSection":["M&A WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/","url":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/","name":"Adia consortium acquires Hargreaves in GBP 5.41 bn takeover - UAE","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/889.jpg?fit=%2C&ssl=1","datePublished":"2024-08-12T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/889.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/889.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/uae\/2024\/08\/12\/adia-consortium-acquires-hargreaves-in-gbp-5-41-bn-takeover\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/uae\/"},{"@type":"ListItem","position":2,"name":"Adia consortium acquires Hargreaves in GBP 5.41 bn takeover"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/uae\/#website","url":"https:\/\/enterpriseam.com\/uae\/","name":"UAE","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/uae\/#organization","name":"UAE","url":"https:\/\/enterpriseam.com\/uae\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42998.svg","contentUrl":"https:\/\/ent.news\/internal\/42998.svg","caption":"UAE"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/889.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/889.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/889.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/94718","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/comments?post=94718"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/94718\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/issue\/94712"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media\/94719"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media?parent=94718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/categories?post=94718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/tags?post=94718"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/brand?post=94718"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=94718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}