• Swindon & Wiltshire M&A, deals
• Friday September 6 2024
• Author Name: Peter Davison

Regulators give green light to Nationwide’s Virgin takeover

Nationwide Building Society‘s proposed £2.9 billion takeover of Virgin Money has been given the green light by the financial regulators.

Both The Financial Conduct Authority and the Prudential Regulation Authority have given the nod to the deal that was agreed by Swindon-headquartered Nationwide and Virgin Money in March.

The purchase price of 220 pence per Virgin Money share values the business at about £2.9 billion. Virgin Money shareholders backed the plan in May and in July the Competition and Markets Authority approved the takeover.

With the regulatory hurdles cleared it seems likely that the takeover will become effective from October 1.

In a statement, Nationwide said: “For the first time in the UK, a successful business bank will be part of a large mutual, offering real choice for the country’s small and medium-sized businesses.

“All of this improves Nationwide’s financial strength and our options for increasing the benefits and incentives for our members.”

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