CMA approves Nationwide's acquisition of Virgin Money UK

19th Jul 2024 12:21

(Sharecast News) - Virgin Money UK announced on Friday that its has received unconditional approval from the Competition and Markets Authority (CMA) for its acquisition by Nationwide Building Society.

The FTSE 250 bank and Nationwide initially agreed to the terms of the recommended cash acquisition on 21 March, involving Nationwide purchasing the entire issued and to-be-issued share capital of Virgin Money through a scheme of arrangement.

Following the approval by Virgin Money shareholders at meetings on 22 May, the CMA's clearance now marked the fulfilment of condition 4(B) of the scheme document.

The acquisition was still subject to remaining conditions, including approvals from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), and the sanctioning of the scheme by the court.

Virgin Money said the expected timetable remained unchanged, with the acquisition expected to become effective in the fourth quarter, pending the satisfaction or waiver of the remaining conditions.

At 1200 BST, shares in Virgin Money UK were up 0.01% at 215.03p.

Reporting by Josh White for Sharecast.com.