Online broker Hargreaves Lansdown has announced that co-founder Peter Hargreaves plans to sell approximately £300 million of existing ordinary shares in the company. The sale will be undertaken via an accelerated bookbuild offering to institutional investors.

Barclays and Numis Securities are acting as Joint Global Coordinators and Bookrunners for the Offering, and Evercore Partners is acting as Financial Adviser to Mr. Hargreaves. Bookbuilding will commence immediately. The sale price of the shares and the final size of the Offering will be determined after the books have closed. The Company itself will not receive any proceeds from the Offering.

Peter Hargreaves has agreed that he will not, for a period of 90 days following the completion of the Offering, offer, sell or otherwise transfer any remaining Hargreaves Lansdown shares without the consent of Barclays and Numis, subject to certain customary exceptions.

Following the sale, Mr. Hargreaves will continue to be the company’s largest shareholder, with approximately 95 million Hargreaves Lansdown shares worth £1.57 billion.