Hargreaves Lansdown PLC (LSE:HL.) investors are now preparing to be taken private after the company confirmed this morning it had approved the £5.4 billion offer from a consortium including CVC, Nordic Capital and Platinum Ivy.
Shares as a result have ticked 2.5% higher, but it appears the investors getting the best returns on the deal will be founders Stephen Lansdown and Peter Hargreaves.
The two are on track to recieved an £800 million payday after selling the business they built up from their spare bedroom in Bristol.
Hargreaves confirmed he will sell half of his stake to the European and Middle Eastern buyers, while Lansdown is set to exit his position completely.
The offer tabled by the consortium values Hargreaves at a 54% premium to Hargreaves’ share price on 11 April, when the consortium first approached the investment platform’s board.
It values Hargeaves at £5.4 billion.