29/04/2024
We couldn't be more delighted than to have helped with £2.9bn recommended cash acquisition of Virgin Money UK PLC by Nationwide Building Society, effected by means of a scheme of arrangement.
B&C simultaneously printed, mailed and delivered shareholder documentation in both the UK and Australia. Tight deadlines necessitated printing over a weekend and mailing as soon as possible in both locations to allow sufficient notice periods for Virgin Money's shareholders to vote on the resolutions.
The acquisition will solidify Nationwide’s position as the UK’s second-largest mortgage lender while enabling it to accelerate its strategy and broaden and deepen its products and services faster than could be achieved on its own.
Debbie Crosbie, Nationwide’s Chief Executive said: “This acquisition strengthens Nationwide and means we can offer more value and broader services for our current and future members. More people will experience the benefits of mutual ownership and the customer-focused approach of a building society. This includes Nationwide’s unique Branch Promise, which we are extending until at least the start of 2028. The Promise will also apply to Virgin Money branches.”
David Duffy, Virgin Money's CEO, said: "This is an exciting time as we look forward to a future as a strong combined group, with a wider range of products and services for all our customers."
If you'd like to find out how we can ensure the success of your most demading M&A projects, chat with us today: hello@blackandcallow.com
