Hargreaves Lansdown (HL) announced Friday that the Turkish Competition Board has unconditionally approved the proposed acquisition of HL by Harp Bidco Limited, a company indirectly owned by CVC Capital Partners, Nordic Capital, and Platinum Equity.
Hargreaves Lansdown Acquisition Approved by Turkish Competition Board
The approval is a step forward in the acquisition process. On August 9, 2024, Hargreaves Lansdown and the board of directors of Bidco announced that they had reached an agreement for HL to be acquired for around £5.4 billion.
The deal was the second largest by value for a London-listed company this year and marked the latest in a string of takeovers of British firms.
The acquisition remains subject to the satisfaction of certain conditions, including approval from the Financial Conduct Authority (FCA) and Court sanction.
The acquisition aims to create a global investment platform. It is expected to provide significant benefits to HL’s clients, including enhanced product offerings, improved technology, and increased scale.
Previously, the buyers said that a “substantial transformation” of the company is required, including investment in technology, in order for HL to keep up with its rivals after growth lagged some competitors.
The acquisition is expected to be completed in the first quarter of 2025.
