A private equity consortium that includes a unit of Abu Dhabi Investment Authority (ADIA) will acquire the UK-based Hargreaves Lansdown for £5.4 billion ($6.9 billion).

The consortium includes CVC Capital Partners, Nordic Capital and Platinum Ivy, a subsidiary of Abu Dhabi sovereign wealth fund.

Hargreaves Lansdown, the largest platform in the UK for retail investors, serves over 1.8 million customers and has £150 billion in assets under management.

Shareholders will get a cash consideration of 1,110 pence per share and a dividend of 30 pence per share for the financial year ended June 30, 2024.

The cash offer represents a premium of approximately 54.1% to the closing price of 740 pence per share on April 11, 2024, the last business day before the consortium's initial approach to the board.

The consortium had initially approached Hargreaves Lansdown's board with an offer of £4.7 billion, equivalent to 985 pence per share, on April 26. This initial offer was subsequently increased to 1,074 pence per share by late April.

(Editing by Seban Scaria seban.scaria@lseg.com)