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An investment business launched by a Guernsey resident is to be taken over in a £5.4billion deal, it has been reported.
Hargreaves Lansdown was founded by Peter Hargreaves and Stephen Lansdown in 1981, in a bid to make investing accessible to more people.
Now, the two men look set to make around £850million when the company is taken over by a group of private equity firms.
The deal was reportedly agreed earlier this week, with the buyers said to be CVC Capital Partners, a Luxembourg based private equity and investment advisory firm.
MoneyWeek has reported the final offer was agreed by the Hargreaves Lansdown board on Friday, said the financial news report.
The takeover is subject to final shareholder and regulatory approval, but MoneyWeek wrote that "it is widely expected to be approved. As a result, the FTSE 100 company will leave the London stock market."
The Daily Mail reports that Mr Hargreaves currently holds 20% of the business' shares while Mr Lansdown had previously cut his share ownership down to 6%.
He is expected to "cash out" completely while Mr Hargreaves is reported to be retaining a 10% share in the company.
If the deal goes through and Mr Lansdown does sell his entire share he is said to be in line to receive more than £300m.
He has been based in Guernsey since 2010. While he retains business interests in the UK, he also manages his family office, Pula, which is based in Guernsey. It has many business interests including sport, aviation, sustainability-focused investments, and lodges in Southern Africa.
Mr Lansdown's local investments include the redevelopment of La Grande Mare hotel and golf club, and his philanthropic donations have included buying a mobile x-ray machine for the Princess Elizabeth Hospital.
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Pictured top: Stephen Lansdown.
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