A recent update has been provided concerning the planned acquisition of a well-known investment services company by a consortium led by CVC Advisers Limited. This acquisition will be executed through Harp Bidco Limited, a new entity indirectly associated with several private equity funds including CVC Private Equity Funds, Nordic Capital XI Delta, and Platinum Ivy B 2018 RSC Limited.
On February 27, 2025, the UK Financial Conduct Authority (FCA) granted written approval for the proposed acquisition, which includes the transfer of control over a UK authorized individual. With this approval, all preliminary requirements concerning regulatory and antitrust matters associated with the acquisition have been fulfilled.
The finalization of the acquisition, however, is still dependent on the Court’s endorsement of the Scheme during the upcoming Court Hearing. This hearing is scheduled for March 18, 2025. Once the court gives its approval, a copy of the Court Order must be submitted to the Registrar of Companies. The remaining conditions specified in the Scheme Document must also be met or waived.
According to the estimated timeline, the Scheme is anticipated to be operational by March 24, 2025. As a result, the last day for trading and registration transfers of the investment firm’s shares will be March 21, 2025. Subsequently, all trading activities associated with these shares are expected to be suspended at 7:30 a.m. on March 24, 2025. Following this, the delisting of these shares from the Official List, as well as their removal from the London Stock Exchange’s main market, is projected to occur at 8:00 a.m. on March 25, 2025.
This acquisition marks a significant move in the financial services arena, reflecting the continuing trend of private equity involvement in the investment sector. The future developments will be closely monitored, especially around the court’s upcoming hearing and the expected implementation of the acquisition plan.