Key Takeaways
- • £5.4 billion acquisition of Hargreaves Lansdown completed and delisted from London Stock Exchange on March 25, 2025, with the consortium of ADIA, CVC Capital Partners, and Nordic Capital acquiring the company at 1,140p per share following an agreement announced in August 2024.
- • White & Case advised a large club of private credit funds and investment banks on senior secured unitranche financing to support the take-private transaction, alongside counsel for the revolving credit facility lenders.
- • Hargreaves Lansdown is a major UK financial services platform managing over £120 billion in assets for 1.7 million clients with more than 2,000 employees, operating as a leading private investment provider for over 40 years.
- • Multiple lenders participated in the financing package, demonstrating significant institutional appetite for backing the consortium's acquisition and deleveraging strategy.
- • Transaction closed as a recommended offer, indicating board-level support and shareholder approval for the take-private valuation.
Summary
White & Case LLP advised a substantial syndicate of private credit funds and investment banks on the senior secured financing package supporting the recommended offer by a consortium comprising ADIA, CVC Capital Partners, and Nordic Capital to acquire Hargreaves Lansdown plc. The transaction closed on March 25, 2025, with the company subsequently delisted from the London Stock Exchange. The all-cash acquisition was valued at £5.4 billion, with shareholders receiving 1,140p per share. The consortium had agreed to the transaction in August 2024, following a formal offer period.
Hargreaves Lansdown represents a flagship UK financial services platform specializing in private investment solutions. The company manages in excess of £120 billion in assets on behalf of over 1.7 million clients and employs more than 2,000 people across its operations. The business was founded over 40 years ago and has established itself as a leading provider in the UK wealth management and retail investment sector.
The financing structure comprised a large club of private credit lenders providing senior secured unitranche financing to support the acquisition. White & Case additionally advised the bank syndicate providing the revolving credit facility to the consortium post-close. Gareth Eagles, partner at White & Case, led the firm's deal team and noted that "these institutions and the consortium trusted our team to close this marquee transaction." The successful closing reflects the confidence of leading private credit funds and financial institutions in the consortium's acquisition strategy and the target company's market position.
Hargreaves Lansdown represents a flagship UK financial services platform specializing in private investment solutions. The company manages in excess of £120 billion in assets on behalf of over 1.7 million clients and employs more than 2,000 people across its operations. The business was founded over 40 years ago and has established itself as a leading provider in the UK wealth management and retail investment sector.
The financing structure comprised a large club of private credit lenders providing senior secured unitranche financing to support the acquisition. White & Case additionally advised the bank syndicate providing the revolving credit facility to the consortium post-close. Gareth Eagles, partner at White & Case, led the firm's deal team and noted that "these institutions and the consortium trusted our team to close this marquee transaction." The successful closing reflects the confidence of leading private credit funds and financial institutions in the consortium's acquisition strategy and the target company's market position.
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