Update on Bristol's Hargreaves Lansdown acquisition
There was an update to the planned acquisition of Bristol-based wealth manager Hargreaves Lansdown (HL) on Monday (September 23), with lenders agreeing to provide a multicurrency revolving facility (RCF) to the group planning to buy it.
In a stock market statement, Bidco announced that lenders, which included Barclays Bank, HSBC, Lloyds Bank Corporate Markets, Mizuho Bank, and MUFG Bank, had entered into a commitment letter to provide a multicurrency revolving facility.
READ MORE: Bristol's Hargreaves Lansdown extends offer deadline again
The facility shall be available for drawing on after the completion of the acquisition for, among other purposes, general corporate and working capital.
Hargreaves Lansdown accepted a takeover bid from a private equity consortium in August this year.
The consortium includes CVC Advisers, Nordic Capital and Abu Dhabi Investment Authority subsidiary Platinum Ivy.
The offer comprises a cash deal of £11.10 per share and a 30 pence dividend, valuing the company at £5.4bn.
Bidco said on Monday that the acquisition would be implemented by means of a court-sanctioned scheme of arrangement.
HL was founded in Bristol by Peter Hargreaves and Stephen Lansdown in 1981.
